See 15% upside in Tata Steel: Bhavesh Chauhan

Bhavesh Chauhan of Angel Broking told CNBC-TV18, "This quarter results of Tata Steel were very good, its operating profit was 20 percent above our and street estimates. So what is driving this stock is just sentiment where rupee has depreciated significantly. That gives a lot of pricing power to domestic steel players because landed cost of imported steel goes up significantly. And on the back of that the results were very good, so we see that Tata Steel has been outperforming."

"From Rs 200 it has moved to Rs 270. Still we believe that there is some more upside left in the stock based on conservative valuations. So we do see 15 percent upside even from these levels," he said.