In its latest research report, Nirmal Bang, an equity research firm said that Tata Steel can give good returns in the short term.

The report further stated that, if the counter is successful to breach 445, then it will create a huge breakout.

Nirmal Bang Research has advised its investors to hold the stock to achieve a target price that lies between Rs 470.

Besides, the report has also suggested a support level of Rs 410 for the scrip.

Today (June 16), the shares of the company opened at Rs 419.95 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 67.73 and 6.19 respectively. The share price has seen a 52-week high of Rs 864 and a low of Rs 8146.35 on BSE.

TRF, a Tata Steel arm specializing in material handling systems, is aiming the merger and aquisition (M&A) route in a bid to achieve a five-fold revenue growth by the next four years (2013).

The company is keenly considering a couple of possible foreign acquisition targets and anticipates finalizing a contract during the current year 2009-10.

Tata Steel has declared an increase of 18% in its May 2009 steel sales from its domestic operations.

The company’s May sales stood at 469,000 tons as compared to 397,000 tons during the same period of the last year (May 2008).

Sales of long products increased 34% during the same period (May 2009) as against May 2008, whereas flat products, used in automobiles and consumer durables industries surged 9%.

Besides, the company announced that its production figures for hot metal, crude steel and saleable steel during May 2009 stood at  528,000 tons (a rise of 19%), 486,000 (a rise of 17%) and 501,000 (a rise of 23%) respectively.

On May 30, Tata Steel UK, a 100% indirect subsidiary of Tata Steel, got received lenders` authorization to reset the contracts in its GBP 3.7 billion acquisition-related senior debt facility.