Tata Steel can achieve Rs 600, says Vishal Jajoo, Sr Equity Research Analyst, Nirmal Bang Securities.
Jajoo told CNBC-TV18, "For Tata Steel as far as the scenario goes one has to evaluate the steel sector in Europe particularly because the company derives close to 60% of its revenues from Corus. The worst is been behind and that's what we saw in October to December quarters and as a result of which the stock which was quoting at Rs 330 levels in the month of December right now its moved to Rs 450-460 levels."
He further added, "I expect this rally to continue going forward because though this move seems to be phenomenal but in January last year the company come up with an FPO at a price of close to Rs 600. I would not be surprised if things move on and if valuations yet to got to this company then in that case Rs 600 is also a fair an achievable target for this stock."
