Source : moneycontrol.com
Emkay Global Financial Services has upgraded its rating on Tata Steel from reduce to hold with target price of Rs 143 in its March 3, 2009 research report.
"Tata Steel reported 3QFY09 cosolidated results, which were significantly ahead of our estimates. Net sales stood at Rs 331.9 billion (yoy up 4.1%, qoq down 4.9%) driven by better than expected average realization for Corus which stood at USD 1,250/t as against our estimates of USD 820/t. The higher realizations lead to better operating performance with EBITDA at Rs 28.6 billion (yoy down 27.5%, qoq down 65.4%) and adjusted PAT at Rs 9.5 billion (yoy down 26.3%, qoq down 81.2%). Tata Steel reported adjusted FDEPS of Rs 10.9. We are upgrading the stock from REDUCE to HOLD with target price of Rs 143 (0.5x FY10E book value)," says Emkay Global Financial Services' research report.
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