Credit Suisse cut its steel prices estimates after bigger than expected falls, and adds it will impact EPS for companies in the sector by 5 to 25%.

Credit Suisse downgraded TATA Steel to underperform from neutral while maintaining its target price at 340 rupees, saying valuations are no longer supportive.

The investment bank also cuts its target price for Jindal Steel & Power to INR 600 from INR 534 citing higher costs at captive power plans and plans to scrap its iron ore and steel investment in Bolivia among its main reasons.

Source - Reuters

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