External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>Tata Steel group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA)</li><li>Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world</li><li>We maintain our BUY rating on the stock. We value TSL at Rs 1400, based on SoTP valuation</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Tata Steel group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA)Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the worldWe maintain our BUY rating on the stock. We value TSL at Rs 1400, based on SoTP valuationContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>TATA has been a key beneficiary of rising steel prices. While margin in India has been strong in the last few quarters, Europe should see a sharp jump, with EBITDA/t expected to cross USD250/t by 3QFY22. The deleveraging cycle should continue, with consolidated net debt expected to fall by 32% YoY to INR565b (0.8x EBITDA) in FY22. Consolidated EBITDA rose 14% QoQ to INR161.1b (highest ever) in 1QFY22. PAT at INR90.9b was higher than FY21 levels (INR82.7b).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

TATA has been a key beneficiary of rising steel prices. While margin in India has been strong in the last few quarters, Europe should see a sharp jump, with EBITDA/t expected to cross USD250/t by 3QFY22. The deleveraging cycle should continue, with consolidated net debt expected to fall by 32% YoY to INR565b (0.8x EBITDA) in FY22. Consolidated EBITDA rose 14% QoQ to INR161.1b (highest ever) in 1QFY22. PAT at INR90.9b was higher than FY21 levels (INR82.7b).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Steel: Profitability in Europe to Improve

<p>About the stock: Tata Steel Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA).</p><ul><li>Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world</li><li>TSL has been a part of the DJSI emerging markets Index since 2012 and has been consistently ranked among top five steel companies in the DJSI Corporate Sustainability Assessment since 2016</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Tata Steel Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA).Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the worldTSL has been a part of the DJSI emerging markets Index since 2012 and has been consistently ranked among top five steel companies in the DJSI Corporate Sustainability Assessment since 2016Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Steel: Reports Highest Ever Quarterly Consolidated EBITDA

<p>Recently, in its Investor Day, Tata Steel (TSL) laid out its strategic Roadmap 2030. TSL is aiming to double Indian operations steel production capacity to 40 million tonnes (MT) by 2030. The doubling of domestic production capacity would be done through both organic as well as inorganic route. The company would focus on organic growth for the flat product segment and would participate in inorganic opportunities for the long product segment.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Recently, in its Investor Day, Tata Steel (TSL) laid out its strategic Roadmap 2030. TSL is aiming to double Indian operations steel production capacity to 40 million tonnes (MT) by 2030. The doubling of domestic production capacity would be done through both organic as well as inorganic route. The company would focus on organic growth for the flat product segment and would participate in inorganic opportunities for the long product segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Steel: Targeting 40 MT Production Capacity in India by 2030

India

Tata Steel Limited is an Indian multinational steel company that manufactures and distributes a wide range of steel products, including hot-rolled, cold-rolled, and galvanized steel, tubes, and wire rods. The company serves diverse sectors such as automotive, construction, engineering, and consumer goods. Tata Steel is headquartered in Mumbai, India, and was founded on August 26, 1907.

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Tata Steel (TATA IN)

Tata Steel: On Strong Footing

Tata Steel group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA).

ICICI Securities Limited

Tata Steel: Profitability in Europe to Improve

TATA has been a key beneficiary of rising steel prices. While margin in India has been strong in the last few quarters, Europe should see a sharp...

Motilal Oswal

Tata Steel: Reports Highest Ever Quarterly Consolidated EBITDA

Tata Steel Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA). Tata...

ICICI Securities Limited

Tata Steel: Targeting 40 MT Production Capacity in India by 2030

Recently, in its Investor Day, Tata Steel (TSL) laid out its strategic Roadmap 2030. TSL is aiming to double Indian operations steel production...

ICICI Securities Limited

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