Get App
Last Updated : Sep 18, 2018 01:25 PM IST | Source:

Buy Tata Steel; target of Rs 745: JM Financial

JM Financial is bullish on Tata Steel has recommended buy rating on the stock with a target price of Rs 745 in its research report dated August 13, 2018.

Broker Research @moneycontrolcom
  • bselive
  • nselive
Todays L/H

JM Financial's research report on Tata Steel

Tata Steel reported consolidated EBITDA of INR 64.7bn, in-line with JMfe. Indian operations delivered a multi quarter high EBITDA per ton of INR 17k driven by higher realisations. Corus performance improved significantly, driven by higher realisation and better operational efficiency. Strong performance in standalone and European operations were significantly offset by an adverse forex movement of c.INR 11bn at financing entities. Bhushan Steel reported an EBITDA of 46bn in 1QFY19 implying an EBITDA/t of INR 9.7k/ton. We continue to remain positive on the steel cycle and factor in normalized spreads for Indian and European businesses for FY19/20E.


Management’s firm commitment to a sustainable net debt/EBITDA in light of further inorganic opportunities is likely to be the key determinant of stock performance going forward. Maintain BUY.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.
First Published on Aug 21, 2018 05:30 pm
Follow us on
Available On
PCI DSS Compliant