Sell Tata SteelStock market analyst Rajesh Jain of SMC Global Securities is of the view that investors can 'sell' Tata Steel stock when it is at Rs 462 with target of Rs 445.
According to analyst, the investors can sell the stock with stop loss of Rs 475.
Today, the stock opened at Rs 452.50 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 737 and a low of Rs 345 on BSE.
Current EPS is -48.57.
Tata Steel has got hold of additional equity stake in New Millennium Capital Corp for approx Rs 89.25 crore, thus raising its holding stake in the Canadian mining company to 27.4%.
Tata Steel declared that its arm Tata Steel Global Minerals Holdings purchased 14.2 million common shares in New Millennium for 1.40 Canadian dollars a piece.
The company said, "After completion of the private placement, Tata Steel holds an aggregate of 40,429,270 common shares, representing 27.4 per cent of the outstanding common shares of New Millennium Capital."
Tata Steel managing director HM Nerurkar stated that the company is delighted with its tactical investment in the mining company and hopes for advancing the "direct shipping ore (DSO) project".
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