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Brokerages are offering mixed views on Tata Steel after the company outlined an aggressive expansion and integration blueprint, including fresh capacity additions and acquisitions. Analysts note that the strategy comes at a time of volatile steel prices, but is designed to strengthen feedstock security, deepen value-added product offerings and support long-term earnings growth.
Motilal Oswal Financial Services and JM Financial have maintained their ‘Buy’ ratings, highlighting better realisations, efficiency gains and a strong domestic demand outlook. They see the acquisition of a 50.01 per cent stake in Thriveni Pellets and the proposed expansion at Neelachal Ispat Nigam Ltd (NINL) as margin-accretive steps that reinforce backward integration and secure raw materials for future capacity.
Elara Capital remains ‘Accumulate’, pointing out that near-term profitability could stay subdued due to soft prices, even as recent moves enhance Tata Steel’s terminal value. Nuvama Institutional Equities has reiterated a ‘Hold’ view, flagging the sizeable growth capex plannedes timated at up to ₹1 trillion by FY32 as a key monitorable, though it expects this to be largely funded through internal accruals. Overall, the Street is split between near-term margin concerns and confidence in the company’s long-term scale and integration strategy.
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