Buy Tata Steel; target Rs 360: Rajesh Agarwal

Rajesh Agarwal, Head of Research, Eastern Financiers Limited told CNBC-TV18, "We are overweight on Tata Steel despite the news that came today morning about the impairment but as you know the impairment was due to poor operations of the European site and this has already been discounted in the price. The best part is it is non cash charges and hence would not impact the performance of the company in any way."
 
He further added, "Going forward at Rs 300 I think all the negatives are already been discounted with the kind of capacity, with the kind of internal resources company has and the kind of valuation it is trading at this point of time. It is a hold and a very good buy at Rs 300 with a price target of Rs 360 in the next 9-12 months."