Kapoor told CNBC-TV18, "The numbers of Tata Steel were a bit disappointing, the loss is much higher than what we had anticipated and what the market was anticipating. Going forward I think things are going to improve a bit from there onwards because raw material costs are going to come down, probably capacity utilization is going to increase as the markets in Europe and US stabilize . So, probably this was the worst quarter for Tata Steel and the worst half year, from here onwards they could enter into a profitable situation but at current price levels, I think FY11 even with optimistic projections of something like Rs 45-50 per share is discounted fully. So we don't see much upside from here but if the global situation turns worse or steel prices start going down then obviously there could be a downside to the stock."
