Buy Tata Steel Above Rs 630

Buy Tata Steel Above Rs 630Technical analyst Anu Jain has maintained 'buy' rating on Tata Steel Limited stock.

The analyst said that the interested investors can buy the stock above Rs 630 to achieve a target of 648-650.

The stock of the company, on April 20, closed at Rs 625 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 713.80 and a low of Rs 448.65 on BSE.

Current EPS & P/E ratio stood at 78.28 and 8.05 respectively.

Tata Steel announced that it has entered into a licensing deal with mining major Rio Tinto for commercial development of eco-friendly direct iron smelting procedure, known as HIsarna.

In a declaration, it said, "The agreement covers how both parties will work together, sharing their existing knowledge of the two technologies that are combined in the new process."

The HIsarna iron-manufacturing procedure comprises cyclone pre-reduction technology (CCF), possessed by Tata Steel, and bath smelting technology (HIsmelt), which is possessed by Rio Tinto.

The HIsarna technology has long-standing prospective to put back conventional blast furnaces, coke ovens and sinter plants and to lessen carbon-di-oxide emissions by over 50% if blended with Carbon Capture and Storage
(CCS).

Tata Steel has registered a 4.4% increase in FY11 crude steel production to 6.85 million tonnes, surpassing installed capacitance at its Jamshedpur plant.

The company had developed 6.56 MT crude steel within the earlier fiscal.