Equity Alert: Tata Steel up 2% on bargain buying; outlook positive
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Equity Alert: Tata Steel up 2% on bargain buying; outlook positive
MUMBAI--3:35PM--Shares of Tata Steel ended over 2% up at 491.10
rupees on bargain buying after they shed 8% last week, dealers said.
"Last week the shares fell a lot on fears that crisis in the U.S.
might lead to slowdown in demand for steel products there. The shares
were in
oversold position," a dealer at a domestic brokerage house said.
Once it reached 460 rupees it attracted investors, he said, adding
that some
selling pressure may set in at 500 rupees.
"The company is still a best bet among Indian steel companies as
they are
well insulated from high input costs due to captive coal mines. Long-
term
profitability looks intact," an analyst said.
He has set a price target of 605 rupees for the stock.
So far today, 3.1 mln shares of Tata Steel have been traded on
NSE.
September contract of Tata Steel was at 1-rupee premium to spot
price.
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Equity Alert: Most key Asian mkts end up; financial cos' shrs lead
MUMBAI--3PM--Most key Asian markets ended up on the back of buying
in recently battered financial stocks. Japanese banking major
Mitsubishi UFJ Financial Group rose over 5%, and Industrial &
Commercial Bank of China was up 2%.
Taiwan's Taiex gained over 2% after regulators issued curbs on
short selling, following similar moves in the U.S., the U.K. and other
countries.
Shares of Nomura Holdings surged over 10% on a report the
brokerage would buy Asian operations of Lehman Brothers Holdings.
In Singapore, shares of Yangzijiang Shipbuilding plunged 7% after
Credit Suisse downgraded the stock to 'underperform' from 'neutral'.
.
Index Last level Change in %
Taiwan's Taiex 6110.60 2.3
Hong Kong's Hang Seng 19632.20 1.6
Japan's Nikkei 12090.59 1.4
South Korea's Kospi 1460.34 0.3
Singapore's Straits Times 2544.13 (-)0.6
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