Tata Steel downgraded to 'Sell' as Kotak Institutional Equities sees risk-reward turning unattractive

Kotak Institutional Equities has downgraded Tata Steel from 'Reduce' to 'Sell,' setting a target price of Rs 145, reflecting a potential downside of 9% from the previous closing price of Rs 159. The brokerage anticipates continued pressure on Indian and European steel spreads due to higher imports, a weak export market, and delayed cost benefits, despite recent Chinese stimulus measures.