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Goldman raises price target on Tata Steel shares

business Updated: May 26, 2011 10:26 IST

Reuters
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Goldman Sachs has raised its 12-month price target for Tata Steel to 774 rupees from 761 rupees and maintained its "buy" rating on the stock following better-than-expected quarterly earnings.

The Wall Street bank said it expected full benefit of price hikes in Europe to flow through in the first quarter of FY12.

Tata Steel, the world's No 7 steelmaker, said after market hours on Wednesday net profit after taxes, minority interest and share of profit of associates jumped about 72% to 41.78 billion rupees ($937 million) in its fiscal fourth quarter.

Goldman, however, cut its earnings per share estimates for Tata Steel by 9% and 8% for FY12 and FY13 respectively to factor in lower volumes in Europe.