Stock market analyst Ashwani Gujral maintained ‘Buy’ rating on Tata Steel to achieve an intraday target of Rs 443 – Rs 470.

According to Mr. Gujral, interested traders can buy the stock with a strict stop loss of Rs 380.

Today (July 22), the shares of the company opened at Rs 415 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 71.20 and 5.85 respectively. The share price has seen a 52-week high of Rs 699.90 and a low of Rs 146.35 on BSE.

Tata Steel, on July 21, announced that the company’s directors have given their nod to the plan to raise long-term funds worth $500 million through issue of equity shares in the form of GDRs.

Tata Steel will be issuing 65,410,589 GDRs, each GDR symbolizing one ordinary share.

Each and every GDR has been carried a price of $7.644 as per the applicable pricing guidelines for GDRs.

The companies acting as combined lead managers and joint book runners to the issue include Citigroup Global Markets, Goldman Sachs International, J.P. Morgan Securities Limited and UBS.

According to the reports, the GDRs will be listed on the professional securities market of the London Stock Exchange.

Tata Steel, on July 17, said that it will start construction work on its six million ton per annum greenfield integrated steel facility at Kalinganagar by mid August.

Moreover, the company on July 16 declared its indirect wholly owned arm, Tata Steel Global Minerals Holdings has bought extra shares of Australia based company, Riversdale Mining (RML) via market purchases and the deal takes its total holding satke to 19.38%.