Motilal Oswal is bearish on Tata Steel has recommended sell rating on the stock with a target price of Rs 451 in its research report dated May 16, 2017.
Motilal Oswal's research report on Tata Steel
India (TSI) EBITDA/t was higher by INR 2,440 QoQ to INR 13,727, driven by higher FAMD revenues, actuarial reversal and export benefits. Higher steel realization was offset by an increase in RM cost.
The settlement of pension in the UK would be a costly one, with INR 48/share in initial outflow and a 33% stake in TSUK, which was a negative surprise. We upgrade TP to INR 451 (from INR 438) on lower-than-expected debt in FY17. Maintain Sell.
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