Tata Power sees selling

DALAL STREET SPIKES

The Tata Power stock ended nearly one per cent lower after the company's second quarter results failed to enthuse the market. The stock of the power major was down to hit a low of Rs 287.35 in intra-day deals before closing at Rs 298.05, down 0.93 per cent from its previous close.

The counter witnessed selling pressure following disappointing quarterly results announced on Monday. For the quarter ended September 30, 2004, the company posted a 17.13 per cent fall in net profit to Rs 141.54 crore as against Rs 170.81 crore in the same quarter last year. The total income stood at Rs 1,039.12 crore as against Rs 1,110.93 crore during the same period.

More than 8.4 lakh shares changed at this counter on the BSE on Tuesday. However, analysts are optimistic that the sector might witnessed some action, with the NTPC issue hitting the market soon.