Derivative volumes in Tata Engineering on the National Stock Exchange (NSE) has consistently surpassed spot market volumes in a month, that is, between December 1 and January 16.
The combined volumes of stock futures and options during the period aggregated 4.87 crore shares compared to spot market volumes of 2.21 crore shares. Volumes of Tata Engineering in stocks futures was lower than the spot markets only for three occasions during the period. The volumes in stock futures aggregated 3.19 crore shares, while stock options aggregated 1.68 crore shares.
Operators' interest in Tata Engineering's shares comes at time when the company expected to report a healthy performance in its third quarterly results. The stock has already moved up on the expectations on good results. During the last fifteen days, Tata Engineering has gained 38 per cent from Rs 94.85 on December 27 to Rs 130.90 today. The stock which declined to a 12 years low of Rs 63.45 on September 17, 2001 showed a whopping gain of 106.3 per cent thereafter.
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Analysts expects the company to report a strong show for the third quarter ended December 2001.
The company had reported the net loss of Rs 143.47 crore during the six months ended September 2001. During the second quarter ended September the company's net loss was lower at 52.58 crore.
Analysts hopes that the auto major likely to show a marginal net profit during the quarter ended December 2001. The market expects Indica car project to shows a modest profits at the operating level. During the quarter ended December 2001 the company's car sales rose by 83.9 per cent to 13,515 numbers.