Those days have not gone.
Tata Steel and SAIL are beaten down to dust because of fundamental factors.
If you had seen the net profit margin trend of Tata Steel and SAIL both were on a downtrend while the amount of loans they were taking was increasing.
SAIL in 2005 had a profit margin of 22% now its 7%.
Similarly with Tata Steel from a profit margin of 11% its down to 4% with a negative income in 2010.
So focus on the fundamentals to know the real story of the stock because that is what Buffett does.