Reuters Market Eye - Shares in Tata Steel(TISC.NS) recover from early losses to gain as much as 2.6 percent, despite reporting April-June net profit that missed estimates, as operating profit came in above expectations.
Brokerage Kotak said Tata Steel's consolidated EBITDA of 34 billion rupees was 10 percent ahead of its estimates.
"The stock may not perform in the near term due to the economic slowdown and fears of steel dumping from China but valuations are attractive," it said in a note in the morning.
Tata Steel's shares last up 1.9 percent.
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