Tata Steel’s stellar Q3 show draws wows & cynicism both
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NEW DELHI: Tata Steel said it returned to black in the December quarter, riding the price increases and operating efficiency, but not everyone on Dalal Street was convinced that the trend may sustain.
Analysts gave mixed reactions to the earnings, with some saying the stock is primed for another leg of the rally, while others said investors should start trimming their holdings in the stock.
Pinakin Parekh and Anukul Agrawal, analysts at JPMorgan, said the company’s numbers beat their estimates by a wide margin with net debt reduction. They maintained an ‘overweight’ stance and increased EPS estimates and price targets.
Investor confidence in Tata Steel gets a boost on strong earnings of group firm
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Though European operations have been a drag for Tata Steel, rising steel prices should boost the company’s prospects. The major trigger for the stock though can be provided by the sale of its Netherlands business that will aid debt reduction too
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MUMBAI: The strong performance of Tata Steel Long Products Ltd for the December quarter, boosted marker sentiment for Tata Steel Ltd as well. On Friday, when broader indices were in the red, the Tata Steel stock traded higher. Shares of Tata Steel Long Products rose more than 8%.