Tata Steel shines

Tata Steel gained 2.22% to Rs 795 at 12:33 IST on BSE after the company set a target to double the return on investment to 32% by 2012.
Meanwhile, BSE Sensex was up 53.90 points or 0.33% to 16,393.73, as expectations of a US interest rate cut strengthened.
On BSE, 3.32 lakh shares were traded in the counter. The scrip had an average daily volume of 6.93 lakh shares in the past one quarter.
The stock hit a high of Rs 801.90 and a low of Rs 777.75 so far during the day. The stock had a 52-week high of Rs 969.80 on 29 October 2007 and a 52-week low of Rs 352.64 on 8 March 2007.
The large-cap scrip had outperformed the market over the past one month till 4 March 2008, declining 3.12% compared to the Sensex’s fall of 12.44%. It also outperformed the market in the past one quarter, declining 10.12% compared to Sensex’s decline of 17.22%.
The company’s current equity is Rs 730.58 crore. Face value per share is Rs 10.
The current price of Rs 795 discounts its Q3 December 2007 annualized EPS of Rs 70.17 by PE multiple of 11.32.
Meanwhile, steel Minister Ram Vilas Paswan today said steel firms should not raise prices arbitrarily. Paswan said India would require an annual 108 million tonnes of finished steel by the fiscal year 2011-12.
On 17 January 2008, Tata Steel entered into a joint venture agreement with Al Bahja Group for the development of Uyun limestone deposits at Salalah in the Sultanate of Oman.
On 30 November 2007, the company signed an agreement with Riversdale Mining to develop a hard coking and thermal coal project at key coal exploration tenements held by Riversdale in Mozambique.
Tata Steel’s net profit rose 0.5% to Rs 1068.58 crore on 11.3% growth in net sales to Rs 4973.92 crore in Q3 December 2007 over Q3 December 2006.
Tata Steel, the world's sixth-largest steel maker, is engaged in manufacture and distribution of steel, welded steel tubes, cold rolled strips, bearings and other related products and services.