See limited downside in Tata Steel: Baliga

See limited downside in Tata Steel, says Ambareesh Baliga, Independent Analyst.

Baliga told CNBC-TV18, "In Tata Steel people were expecting poor set of numbers. It was poorer than what people thought. So, there would be some more correction from here but then we should remember that it has corrected decently well from those recent highs of closer to about Rs 430. So, from hereon, I do not see too much of a downside. Possibly, it can correct another Rs 10-12 more from here."
The share touched its 52-week high Rs 500.90 and 52-week low Rs 353.70 on 21 February, 2012 and 06 September, 2012, respectively. Currently, it is trading 24.91% below its 52-week high and 6.35% above its 52-week low. Market capitalisation stands at Rs 36,532.24 crore.
The company's trailing 12-month (TTM) EPS was at Rs 58.58 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 6.42. The latest book value of the company is Rs 537.64 per share. At current value, the price-to-book value of the company was 0.7. The dividend yield of the company was 3.19%.