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Change Change %
-14.40 -2.48%

Updated:23 Mar, 2018, 15:59 PM IST

Change Change %
-13.95 -2.40%

Updated:23 Mar, 2018, 16:01 PM IST

Research Report Detail

Report Date Call Price@Call Target Price
Stop Loss
Current Status Time Horizon
HDFC Securities
11-08-2017 Buy 596.15 687.00
Target Hit Long (1Y)

HDFC Securities initiates Tata Steel with buy

Tata Steel delivered strong numbers (consolidated EBITDA/APAT 53.4%/4.7x YoY),  as both Indian and European operations delivered healthy EBITDA/t of Rs  10,786 and USD 80, respectively. Reported profits were boosted owing to FX gains (Rs 5.4bn) in the subsidiaries. Domestic steel companies are in a sweet spot, given protective measures should global steel prices fall (Currently at an 8-month high). Tata Steel is now reaping benefits from increased domestic capacity and persistently strong profitability  in  both  India  and  Europe.  It is also close to finalising a Regulated Apportionment Agreement (RAA) for its UK Pension Scheme (BSPS), also apparent in the cash accretion (GBP 550mn build-up in 1QFY18).  A potential JV with ThyssenKrupp in Europe should aid further deleveraging.


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