Nomura India has initiated coverage on Tata Steel with a ‘Buy’ rating and a target price of Rs 215, implying a potential upside of around 25 per cent. The brokerage cited strong domestic demand, a turnaround in European operations, and improving macro conditions as key drivers for its bullish view. Advertisement

According to Nomura, Tata Steel is well-positioned for sustainable growth supported by a domestic focus amid robust demand trends, improved utilisation at Kalinganagar, a turnaround in its European business, continued partial benefit from lower iron ore costs beyond FY30, and attractive valuations.

The target price of Rs 215 is based on a slightly higher-than-historical mid-cycle one-year forward EV/Ebitda multiple of 6.9 times, while the stock currently trades at 2.1 times pric

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