Reuters Market Eye - Barclays upgrades Tata Steel Ltd(NSI:TATASTEEL.NS - News) 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)