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MARKET EYE-India's Tata Steel gains on strong Q2 deliveries

* Shares in Tata Steel

gains 0.6 percent a day after the company said its second quarter deliveries rose 5 percent from a year earlier.

* Morgan Stanley says volumes are higher than its expectations, suggests Tata has started ramping up steel output thanks to newly-expanded capacity. * "We remain positive on Tata with a view that the company's structural change that is likely to begin in F4Q13 is not recognized properly in the stock price," the bank says in a note dated on Wednesday.

(manoj.dharra@thomsonreuters.com)