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Mar 03, 2009, 01.10 PM IST
Angel Broking has downgraded its rating on Tata Steel from neutral to reduce with a target price of Rs 146. Tata Steel posted yoy consolidated Top-line growth of 4% to Rs 33,191 crore.
Angel Broking has downgraded its rating on Tata Steel from neutral to reduce with a target price of Rs 146 in its February 27, 2009 research report.
"For 3QFY2009, Tata Steel posted yoy consolidated Top-line growth of 4% to Rs 33,191 crore (Rs 31,899 crore). Revenues grew despite the 30% production cuts announced by Corus during October 2008, mainly due to higher realisations. Consolidated Net Profit fell 39% yoy to Rs 814 crore (Rs 1,325 crore) beating street expectations. We continue to value Tata Steel at P/B of 0.3x and arrive at the Fair Value of Rs 146. Hence, we downgrade the stock from Neutral to Reduce," says Angel Broking's research report.
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