Friday, 8 June 2018

BULLISH TATASTEEL FOR 11-15 JUN 2018


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MARKET SUMMARY OF 08 JUN 2018:
BSE Sensex closed lower by 19.41 points, or 0.05%, to 35,443.67, while the Nifty 50 ended unchanged 10,767.65, down 0.70 points, 0.01%. Meanwhile, BSE MidCap and SmallCap rose 0.42% and 0.58%, respectively.Among the sectoral indices on BSE, healthcare gained most at 3.62%, IT 0.77%, energy 0.75% and teck 0.73%.
Tata Steel has placed an aggressive bid of 6,000 crore to acquire Kolkata-based Usha Martin, a specialty steel producer with a production capacity of 1 million tonnes in Jamshedpur. The promoters of Usha Martin are selling the steel business to pare the Group’s debt.
“Tata Steel had a meeting with Usha Martin officials in Kolkata on Wednesday and in all probability they will outbid JSW Steel, which has placed a bid of 5,500 crore,” said sources close to the development.


Usha Martin is one of the largest wire-rope manufacturers in the world and leading specialty steel manufacturer in India. The company set up its first long product plant in 1974 near Jamshedpur.
So continue to hold Tatasteel call given in last post for the target.
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