Buy Tata Steel; target of Rs 690: Axis Direct

Axis Direct is bullish on Tata Steel has recommended buy rating on the stock with a target price of Rs 690 in its research report dated August 11, 2017.

August 22, 2017 / 16:33 IST

26 Aug, 2025 12:21

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Axis Direct's research report on Tata Steel

Tata Steel’s Q1FY18 consolidated EBITDA at Rs 50 bn (up 53% YoY) was higher than our and consensus estimates largely due to higher profitability at its downstream subsidiaries and forex translation gains.

Outlook

We remain bullish on India steel, as definitive anti-dumping duty for next 4 years will benefit large domestic steel mills, providing floor price to domestic steel players. Further, capacity utilization of domestic steel industry is poised to hit 90% in the next 3 years, as no new major capacity is coming up. Confluence of anti-dumping regime and supply shortage will firm up steel pricing over the next 3 years.

For all recommendations report, click here

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first published: Aug 22, 2017 04:33 pm

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