Citigroup upgrades the rating of Steel Authority of India to Hold with a target price of INR 234. SAIL has risen 75% in the past 12 months but has underperformed TATA Steel/JSW Steel. SAIL has 100% captive iron ore but only 5% coking coal.
Based on flat steel prices rising trend in coal
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Monday, May 24, 2010
Citigroup upgrades SAIL rating to Hold
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