Tata Sponge may test Rs 800-850: Kunal Bothra

Kunal Bothra of LKP Securities is of the view that Tata Sponge may test Rs 800-850 in the next one year.

Kunal Bothra of LKP Securities told CNBC-TV18, "It has been an interesting set of Tata stocks which have been rallying for the last one-two months. Many of these individuals stock have seen some strong momentum. Tata Sponge  is also a very good stock. The interesting part is that the volumes supported this breakout. I am looking at it from a perspective of at least one year or one-one-and-a-half-year and the target could be as much as Rs 800-850 on Tata Sponge if the time horizon is that much."

At 12:16 hrs Tata Sponge Iron was quoting at Rs 574, up Rs 95.65, or 20 percent. It has touched a 52-week high of Rs 574.

The share touched its 52-week high Rs 532 and 52-week low Rs 217.90 on 07 April, 2014 and 19 September, 2013, respectively. Currently, it is trading 7.89 percent below its 52-week high and 163.42 percent above its 52-week low. Market capitalisation stands at Rs 883.96 crore.

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