Tata Steel may correct, says Mayuresh Joshi

Mayuresh Joshi of Angel Broking told CNBC-TV18, "In Tata Steel the core business dynamics however, still remains weak. If you look at the European business, the realisations thereof are still expected to be muted with the kind of anti-dumping that we are probably still witnessing from China and Russia coming through. The South-east Asian markets are still witnessing huge amount of dumping coming through and you might witness very weak numbers coming through on that front as well.""Even on the domestic part, with the Kalinganagar expansion probably happening in phases, you are still looking at 1.5 mt of high iron ore inventory, yet to be used by Tata Steel. So, clearly the numbers will be soft and probably the news with the sale is probably out, so I think the stock probably has made its near-term peak. So, the dynamics of the steel industry, realisations volume-wise are still weak, so the stock might correct from levels that we are probably witnessing right now," he added.