Demand for steel in the domestic markets is picking up as commercial vehicles gain traction and construction activities resume. This comes as a relief for steel makers such as Tata Steel Ltd.Shares of Tata Steel are down by 27% from their 52-week highs seen in April. Photo: Bloomberg

Highlights Results below expectation De-leveraging likely to take a pause in FY23 Capex plans in India on track Maintain a neutral rating, better to remain on sidelines The September 2022 quarter results for Tata Steel (TSL; CMP: Rs 101; Market capitalisation:

Rs 1,23,583 crore) were impacted by a couple of factors. India operations Higher volumes more than offset the decline in realisation, leading to a flat revenue growth, QoQ. EBITDA (earnings before interest, taxes, depreciation and amortisation) was lower mainly due to the decrease in steel…