Barclays makes Tata Steel its top sector pick in Asia
Reuters Market Eye - Barclays upgrades Tata Steel Ltd(TISC.NS) to "overweight" from "equalweight" and raises its target price to 358 rupees from 264 rupees, 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 0.7 percent at 302.50 rupees at 1014 am.
(Reporting by Abhishek Vishnoi)
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