Epic Update Tata Steel Equity benchmarks remained marginally under pressure amid consolidation whereas the broader markets outperformed with the Midcap & Smallcap rising 0.4-0.6 percent.
The 30-share BSE Sensex was down 59.93 points at 28293.61 and the Nifty down 14.45 points at 8701.15. About 1389 shares advanced against 798 declining shares on the Bombay Stock Exchange.
Tata Steel was down 2 percent after the net loss in Q1 widened 10-fold, though operational performance was very strong. Credit Suisse has maintained outperform rating on the stock with unchanged target price of Rs 440 per share post strong Q1 performance as UK business turned profitable after sale of Scunthorpe. It raised FY18-19 EBITDA estimates by 9-13 percent and said at USD 790 per tonne of enterprise value looks reasonable.
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