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Monday, Dec 23, 2002

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Market interest likely

MRF Ltd has come up with improved performance for the quarter ended September.

Taking into account the sustained increase in automobile production and the recent improvement in economic fundamentals, the demand for tyres is likely to remain robust.

Reports indicate that tyre production has increased by about 25 per cent in October.

Taking into account these factors, tyre companies in general and MRF in particular, could attract market interest in the next few trading sessions.

Canara Bank NSE listing today

THE Canara Bank scrip would be listed on the National Stock Exchange with effect from December 23. It came up with an initial public in November, at a price of Rs 35 per share. Taking into account the recent investor fancy for banking stocks, Canara Bank too could attract market interest on listing. Moreover, trading pattern in other banking stocks is also likely to be impacted, as there is a possibility of a switch from other banking scrips to Canara Bank owing to the relatively better quality of assets.

Rover tie-up a booster

CLOSE on the heels of its launching a new sedan _ the Tata Indigo _ comes the announcement of Tata Engineering's ties-up with the MG Rover Group of the UK. The manufacturing and supply agreement with the British company involves Tata Engineering's small car — the Indica.

The car, after being modified to suit conditions in the UK, will be exported to be (in turn) marketed by Rover in the UK and in continental Europe. The alliance will boost Tata Engineering's exports and also enable the company to make its presence felt in the competitive European markets.

The new development could improve market sentiment in favour of the Tata Engineering stock.

BL Research Bureau

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