Tata Steel can touch Rs 700: Sanjeev Prasad

Tata Steel can touch Rs 700, says Sanjeev Prasad, Head of Research at Kotak Securities. Prasad told CNBC-TV18, "We still like Tata Steel and we are looking at somewhere about Rs 70 earnings per share (EPS) in March ’11. I think it can be Rs 700 stock in 12-15 months. If you apply about ten times multiples you are still looking at about Rs 700 for the stock.” He further added, “Hindalco has done above our target price and now we will have to take call as to how aluminium prices behave over next one year. We have about 2,200 as aluminium price for next year, the aluminium prices currently are slightly above that. So there could be some more scope for credits over there, but I am not too sure if they are significant ones."