Brokerages upgrade Tata Steel stock post Thyssenkrupp pact

Brokerages raised their price targets and upgraded their ratings on Tata Steel following the company's decision to merge its European steel operations with that of German steelmaker Thyssenkrupp AG.Analysts are of the view that the merger will help deleverage the balance sheet, improve sustainability of European operations and allow the steel maker to increase its focus on Indian operations. Shares of Tata Steel rose up to 1.3% on Thursday but pared gains to to close 0.12% lower at Rs 686.85.