Edelweiss' research report on Tata Steel
Domestic operations reported highest EBITDA/t level of INR 11,285 in last nine quarters owing to better spreads. We expect domestic operations performance to sustain due to ramp up of Kalinganagar operations (downstream capacity) and sharp decline in coking coal prices.
Outlook
We are upbeat on TSL’s Q3FY17 performance and receding concerns on European operations. In view of the stock trading at lower end of 10 year valuation range, we upgrade the stock to ‘BUY/SO’ from ‘REDUCE/SU’ with revised TP of INR 637/share (earlier INR 308/share).
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