Do not buy Tata Steel, advises Anand Tandon

Anand Tandon, CEO of JRG Securities told CNBC-TV18, "I would not be a buyer of Tata Steel. There is no reason I can see for a company which has negative EBITDA in its overseas market, where the markets are continuing to show no signs of major recovery, at least for steel demand and where the debt is high."

"We had just one quarter where they had to take a write off of about USD 1.6 billion and there is a lot more waiting. All of that is going to get translated into rupee terms on an inflated basis," he said. The share touched its 52-week high Rs 448.10 and 52-week low Rs 195.40 on 07 January, 2013 and 07 August, 2013, respectively. Currently, it is trading 38.8 percent below its 52-week high and 40.35 percent above its 52-week low. Market capitalisation stands at Rs 26,635.58 crore.