MUMBAI (Reuters) - India's Tata Steel Ltd said on Tuesday import pressures on the Indian and European steel industries could intensify following the devaluation of the yuan, as a flood of cheap imports from China continues to impact profitability.
Tata Steel, which said net profit in the June quarter more than doubled on the back of a one-time gain, has been hit by a combination of a slowdown in China and a devaluation of the Russian rouble over the past few quarters.
My technical view... trend is down on daily, weekly and monthly charts.
On monthly charts, stock is close to long term trendlines around 200-220 levels. Expect some buying here.