ICICIdirect has recommended 'Hold' on Tata Steel with target price of Rs 575 in its report.
Commenting on the investment rationalale, ICICIdirect said, ''Tata Steel reported a mixed set of Q1FY15 (consolidated) numbers wherein topline came in lower than their estimate on account of subdued sales volume while EBITDA margin came in higher than their estimate. PAT came notably lower on account of impairment charge taken for the Benga project.
The company's Indian operations are expected to continue to provide stability of earnings while its European business has reported operational efficiencies in the last few quarters on a consistent basis."
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