Financial Daily from THE HINDU group of publications
Saturday, Mar 08, 2003
Financial Daily from THE HINDU group of publications Saturday, Mar 08, 2003 |
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Markets
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Stock Markets Cautious trading in Tata Engineering Our Bureau
KOLKATA, March 7 THE Tata Engineering stock witnessed unloading pressure today on major bourses as a section of market players wanted an exit, apprehending war in Iraq would commence next week. However, the stock saw buyers at lower levels. As a result, Tata Engg recorded highest volumes of this month on both the Bombay Stock Exchange and the National Stock Exchange. According to brokers and dealers, it was more of a sentiment play than anything else. "Fundamentally, there is cause for cheer over Tata Engineering's improved February sales figures. But market makers reduced their positions as a precautionary measure on the last session of the week," Mr Arun Kejriwal, a market analyst, observed. The Tata Engineering stock closed at Rs 154.50 against the previous closing of Rs 154.90 on the BSE. The price movement suggests that the counter got substantial buying support at Rs 153.75. "The stock saw selling pressure at levels between Rs 155 and Rs 156 today," said a NSE dealer. The total traded quantity in the counter on the BSE soared to 10.77 lakh shares from yesterday's 5.24 lakh shares. On the NSE, the recorded a volume of 26.20 lakh shares, up from yesterday's 15.94 lakh shares. Of the traded shares, 29.86 per cent was up for delivery on the BSE and 29 per cent on the NSE. "By and large, the Tata Engineering counter today remained in the limelight and was able to maintain its level despite continuous slide in the market. The stock's attraction was February sales figures, which was announced after market hours on Thursday," observed Mr Pradip Hotchandani, an analyst with moneypore.com. The company reported a 15.45-per cent rise in overall sales (in terms of number of vehicles) in February this year over February 2002 figure. But, month-on-month, the sales figure growth was lower at 12.20 per cent. In the 11 months this fiscal, the company has achieved a growth of 22 per cent on the sales front against the comparable period of the previous fiscal. At current market price, the stock is trading at 22.7 times its nine-month's annualised earnings per share of Rs 6.77.
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