The brokerage also sharply slashed its price target for the stock by 34 percent to Rs 198 in anticipation of a slump in Zee s valuation post the cancellation of the mega merger.
KIE feels the recent the 20 percent surge in the stock price of Tata Steel in the past two months has stretched its valuations beyond fundamentals, making the risk reward unfavourable.
The US Dollar and Dow Jones took a plunge after Fitch downgraded the US credit rating amid fiscal deficits and an aging population. Will these moves be sustained?