Buy Tata Steel, target of Rs 433: Tarang Bhanushali

Tarang Bhanushali of IIFL told CNBC-TV18, "We have upgraded Tata Steel to buy with a target of Rs 433. We believe that the stable earnings in Corus (Tata Steel Europe) coupled with the volume push coming from the domestic capacity and with stable steel prices over the next one year, we would see Tata Steel reporting a jump in profit of around 50-60 percent."

"We believe it is one of the top pick in the sector and we would remain net buyers in the stock," he added.

At 10:44 hrs Tata Steel was quoting at Rs 378.80, down Rs 11.35, or 2.91 percent.

The share touched its 52-week high Rs 435.40 and 52-week low Rs 195.40 on 02 January, 2014 and 07 August, 2013, respectively.