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MOSL: TATA STEEL (Neutral) - ANNUAL REPORT UPDATE: Focus back on growt...
(TATA IN, Mkt Cap USD17.8b, CMP INR1100, TP INR1210, 10% Upside, Neutral) Tata Steel (TATA)’s FY21 Annual Report highlights the ambition of the company to maintain leadership in volumes, cost, and sustainability. With improved cash flows, the focus is back on growing the India business, wherein it aims to double capacity to 35–40mt by 2030. However, it plans to tread cautiously on this path as debt repayment remains the focal point for the management. On Tata Steel Europe (TSE), the manageme...
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