Financial Daily from THE HINDU group of publications
Friday, Nov 01, 2002
Financial Daily from THE HINDU group of publications Friday, Nov 01, 2002 |
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Markets
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Stock Markets Tata Steel jumps on Q2 performance Our Bureau
KOLKATA, Oct. 31 TATA Steel today moved up with heavy volumes, as the company's impressive second quarter performance enthused fund managers, institutions and brokers. The stock improved Rs 8.60 to close at Rs 125.25 on the BSE with traded quantity of 23.09 lakh shares. The counter recorded volumes of 52.22 lakh shares on the NSE and closed at Rs 125.50. The volumes were backed by several block deals and widespread participation by the market players. About 25 per cent of the traded shares were up for delivery on the BSE while 32.30 per cent were presented for delivery on the NSE According to Mr Darshan Mehta of moneypore.com, the market has taken a positive view about the stock as the earnings prospect has improved substantially. "At current price, it is definitely a value buy,' Mr Mehta added. The market players seemed to be confident that the company would be able to maintain its bottomline growth rate. Tata Steel has reported a net profit growth of 643 per cent in Q2 on a year-on-year basis. "This could mark a good beginning. Fresh position building exercise in the counter is a likely scenario in the coming months," observed a dealer in an institutional broking firm. According to Mr S. Sivakumar, Fund Manager of Sundaram Mutual Fund, two Tata group companies — Tata Steel and Tata Engineering — are back in market's favour because of their good results. The market participants listed two factors as key to Tata Steel stock's revaluation. They are: absorption of five consecutive price hikes in the first two quarters of the current fiscal by the domestic market and the company's recent strides in the high-margin car-body grade steel.
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