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Barclays upgrades Tata Steel Ltd to "overweight" from "equalweight" and raises its target price to Rs 358 rupees from Rs 264, citing improving business outlook.
Barclays says it turns positive on Tata Steel based on early signs of a demand rebound in Europe, flexibility in the steel maker's domestic capital spending plans, the sale of non-core assets and improving domestic volume growth.
The investment bank adds Tata Steel becomes its top pick among steel producers in the Asia ex-Japan region after the upgrade.
Tata Steel shares are up 0.4 per cent at Rs 301.60.