Buy Tata Steel With Stop Loss Of Rs 616

Buy Tata Steel With Stop Loss Of Rs 616Technical analyst Rahul Mohinder has maintained 'buy' rating on Tata Steel Limited stock with an intra-day target of Rs 640.

According to analyst, the investors can purchase the stock at Rs 622 with a stop loss of Rs 616.

The stock of the company, on December 08, closed at Rs 623.65 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 737 and a low of Rs 448.65 on BSE.

Current EPS & P/E ratio stood at 80.87 and 7.60 respectively.

Tata Steel could join hands with an Indian metals firm or a miner to create a counter bid for Riversdale Mining, in reaction to Rio's $3.5 billion offer for Australian miner Riversdale.

Tata Steel is preparing for a fight to have power over the Australian-listed miner, which posseses big coal mines in Mozambique and has become an objective for international mining majors including Anglo-American and Rio Tinto.

For the three month period ended Sep 2010, Tata Steel has registered a consolidated net profit of Rs 19,788.1 million as against loss of Rs 27,072.5 million in the same quarter of 2009.

Company's consolidated net sales surged 11.16% to Rs 280,909 million for the period under review as compared to Rs 252,698 million for the same of 2009.




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