Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Recent strategic announcements improve pellet security, downstream mix, and low-carbon readiness, strengthening Tata Steel’s long-term positioning.</li>
<li>Balance sheet can fund near-term projects, but upstream expansions require careful sequencing amid non-linear cyclical earnings.</li>
<li>Valuation remains balanced at ₹165–185/share, with Europe performance the key swing factor for re-rating.</li>
</ul>


Recent strategic announcements improve pellet security, downstream mix, and low-carbon readiness, strengthening Tata Steel’s long-term positioning.
Balance sheet can fund near-term projects, but upstream expansions require careful sequencing amid non-linear cyclical earnings.
Valuation remains balanced at ₹165–185/share, with Europe performance the key swing factor for re-rating.


Tata Steel: Strategic Announcements Boost Long-Term Positioning; Valuation Still Balanced

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group</li>
<li>Fed policymakers are uncertain, due to a lack of crucial data caused by the US government shutdown. Minneapolis Fed President Neel Kashkari said he did not support the central bank’s latest interest-rate cut.</li>
<li>He noted that “the anecdotal evidence and the data we got just implied to me underlying resilience in economic activity, more than I had expected”, and stated that he can make a case to lower or hold rates in December. Mr Kashkari joins other Fed officials who have expressed scepticism over the need for another rate decrease in December, with some arguing for holding rates steady to balance inflation and weaker hiring in the labour market.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group
Fed policymakers are uncertain, due to a lack of crucial data caused by the US government shutdown. Minneapolis Fed President Neel Kashkari said he did not support the central bank’s latest interest-rate cut.
He noted that “the anecdotal evidence and the data we got just implied to me underlying resilience in economic activity, more than I had expected”, and stated that he can make a case to lower or hold rates in December. Mr Kashkari joins other Fed officials who have expressed scepticism over the need for another rate decrease in December, with some arguing for holding rates steady to balance inflation and weaker hiring in the labour market.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

ICICI Prudential AMC / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC</a> raised around US$1.2bn in its upcoming India IPO.</li>
<li>IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

<ul>
<li>Tata Steel’s total crude steel production stood at 7.29 million tons in 1QFY26, flat YoY but down 3% QoQ due to upstream maintenance disruptions in India.</li>
<li>In Europe, the Netherlands saw steady output, while the UK is progressing with its 3.2 MTPA EAF transition at Port Talbot, slated to begin construction in July 2025.</li>
<li>With blast furnace relining at Jamshedpur nearing completion and NINL operations normalized, volume recovery is expected from Q2 onward.</li>
</ul>


Tata Steel’s total crude steel production stood at 7.29 million tons in 1QFY26, flat YoY but down 3% QoQ due to upstream maintenance disruptions in India.
In Europe, the Netherlands saw steady output, while the UK is progressing with its 3.2 MTPA EAF transition at Port Talbot, slated to begin construction in July 2025.
With blast furnace relining at Jamshedpur nearing completion and NINL operations normalized, volume recovery is expected from Q2 onward.


Tata Steel – 1QFY26: Stable Output, Soft Deliveries Amid Planned Maintenance

<ul>
<li>Tata Steel has released its Q4 and FY 2024-25 numbers.</li>
<li>Earnings recovery was robust, thanks to operational efficiencies, cost reductions and excellent performance in India despite a challenging global steel market environment.</li>
<li>Profitability improved, while debt decreased and capital investments were maintained amid headwinds in Europe.</li>
</ul>


Tata Steel has released its Q4 and FY 2024-25 numbers.
Earnings recovery was robust, thanks to operational efficiencies, cost reductions and excellent performance in India despite a challenging global steel market environment.
Profitability improved, while debt decreased and capital investments were maintained amid headwinds in Europe.


Tata Steel - Earnings Flash - FY 2024-25 Results - Lucror Analytics

India

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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Tata Steel Ltd (TATA IN)

Tata Steel: Strategic Announcements Boost Long-Term Positioning; Valuation Still Balanced

Tata Steel's strategic moves enhance pellet security, downstream mix, and low-carbon readiness, with balanced valuation and Europe performance as...

Rahul Jain

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group

Lucror Analytics

ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Tata Steel – 1QFY26: Stable Output, Soft Deliveries Amid Planned Maintenance

Tata Steel's 1QFY26 production flat YoY at 7.29M tons, down 3% QoQ due to maintenance disruptions; Europe steady, UK EAF transition progressing,...

Rahul Jain

Tata Steel - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Earnings recovery was robust, thanks to operational efficiencies, cost reductions and excellent performance in India despite a challenging global...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tata Steel: Strategic Announcements Boost Long-Term Positioning; Valuation Still Balanced

​Tata Steel's strategic moves enhance pellet security, downstream mix, and low-carbon readiness, with balanced valuation and Europe performance as...

Rahul Jain

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group

Lucror Analytics

ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Tata Steel – 1QFY26: Stable Output, Soft Deliveries Amid Planned Maintenance

​Tata Steel's 1QFY26 production flat YoY at 7.29M tons, down 3% QoQ due to maintenance disruptions; Europe steady, UK EAF transition progressing,...

Rahul Jain

Tata Steel - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Earnings recovery was robust, thanks to operational efficiencies, cost reductions and excellent performance in India despite a challenging global...

Lucror Analytics

Tata Steel's strategic moves enhance pellet security, downstream mix, and low-carbon readiness, with balanced valuation and Europe performance as...

Tata Steel's 1QFY26 production flat YoY at 7.29M tons, down 3% QoQ due to maintenance disruptions; Europe steady, UK EAF transition progressing,...