Tata Steel down by 1.49%

2008-05-24 09:28:49 - MUMBAI: Share prices of Tata Steel, India's biggest steelmaker, fell marginally by 1.49 percent even as Goldman Sachs Group Inc had raised its rating from neutral to buy the other day.

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The stock was trading at Rs 908.50 in the evening losing 13.95 points from the previous close. The stock advanced 18 percent last month, the most since October 2007.

Analysts said that benchmark sensex at 16,907 was lower by 336.05 points against the previous close mainly triggered by weak global markets and high global prices.

In the case of Tata Steel scrip, Goldman had raised the target price by 51 percent to 1,120 rupees from 742 rupees. The Mumbai-based steelmaker sells more than two-thirds of its output in Europe after the company bought Corus Group Plc in January last year for $13 billion in the largest takeover by an Indian company.

Meanwhile the Sensex had fallen to an intraday low of 16,863.38. The wide-based National Stock Exchange index's Nifty moved down by 96.85 points to 5,020.80.

Marketmen said reports of weakening trends in overseas stock markets after oil prices spiked to another record high of nearly $135 a barrel and the US Federal Reserve slashing 2008 growth forecast, mainly influenced the trading sentiments here.

At the US stock markets, Dow Jones Industrial Average plummeted 227.49 points, or 1.77 per cent while the tech-dominant Nasdaq composite dropped 43.99 points.