Tata Steel share price: Edelweiss retain positive stance with target price of Rs 750
Edelweiss retained their positive stance on ferrous with Tata Steel with a target price of Rs 750 and is their top pick in the Metal space. Domestic HRC (Hardness Rockwell C) prices increased a further Rs 2,750/t (5%) on average compared to previous week. Regional prices were stable owing to thin trade volumes during New Year holidays, though CIS price rose a further USD 18/t (2%) compared to previous week. At current level, domestic prices are at 6% premium to imports from South Korea, but we do not envisage threat from imports as lead times are well into Q2 CY21.
Edelweiss do not see any reason to panic as downstream indicators remain stable and iron ore prices remain robust at USD 167/t: Reuters