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    Tata Steel: Improvement in demand and recovery in steel prices augur well

    Divestment of Netherlands business and de-leveraging of the balance sheet hold the key for Tata Steel

    Nandish Shah
    November 17, 2020 / 05:03 PM IST
    Tata Steel: Improvement in demand and recovery in steel prices augur well

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Tata Steel’s (CMP: Rs 492; Market capitalization: Rs 56,390 crore) September-quarter results were above street expectations on the back of strong performance in the India business and improving performance in the European business as well. On the back of higher steel prices and coking coal prices remaining stable due to the China-Australia trade-off, we expect the strong performance to continue in the December and March 2021 quarter results. Net sales realization is likely to improve in the December 2020...

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