Buy Tata Steel, target price Rs 630: Kotak Securities

Kotak Securities has buy call on Tata Steel with a target price of Rs 630.0. The current market price of Tata Steel Ltd. is Rs 618.25 .

Tata Steel Ltd., incorporated in the year 1907, is a Large Cap company (having a market cap of Rs 74999.05 Crore) operating in Metals - Ferrous sector.

Financials
For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 37153.99 Crore, up 52.97 % from last quarter Sales of Rs 24288.51 Crore and up 9.43 % from last year same quarter Sales of Rs 33953.75 Crore. Company reported net profit after tax of Rs 1591.52 Crore in latest quarter.

Investment Rationale
A series of higher high and higher bottom formation and strong reversal formation on intraday charts

Promoter/FII Holdings
Promoters held 34.4 per cent stake in the company as of Sept 30, 2020, while FIIs held 11.5 per cent, DIIs 30.1 per cent and public and others 24 per cent.