Tata BSL merger with Tata has been approved by shareholders (15:1).
Tata Steel BSL current pricing is at 30% premium to exchange ratio is puzzling.
Remains constructive on the steel cycle.
*What brokerages are watching out for Macquarie*
Earnings outlook particularly for the EU given contract renegotiation.
Domestic demand outlook and expansion capex and timelines.
*Ambit Capital*
Sustainability of Tata Steel European performance.
Any one-offs in Europe in 4QFY21.
Tata Steel Europe buyback 8-9 MT of Co2 allowances in 4QFY21 or purchase in April 2021.
Capex allocation for FY22.
*CLSA*
European profits sustainability.
Timeline for Kalinganagar expansion.
*Investec Securities*
ESG: carbon abatement strategy.
Corporate structuring: growth plans for each vertical.
Tata Steel BSL synergies.
Tata Steel Europe: carbon allowances in stock.
Macro: any risk on price caps locally, trade measures for EU.