Firm global steel prices push up Tata Steel

DALAL STREET SPIKES

Tata Steel witnessed strong buying on firm global steel prices. A dealer with a domestic broking firm said, " Most broking firms are recommending their clients to go long on steel sector stocks."

Tata Steel was up 1.38 per cent to close at Rs 404.45, after hitting an intra day 52-week high of Rs 408. From a low of Rs 343.95 on January 18, 2005, the stock has gained 18 per cent to today's close.

Firm steel prices, revival of demand for steel, improved product mix, attractive valuation, and strong financial performance have resulted in renewed buying in steel sector stocks of late, said an analyst.