Tata Steel up on Q4 show

DALAL STREET SPIKES

The share price of Tata Steel witnessed a sharp surge on Wednesday on anticipation of good fourth-quarter results. The stock gained 7.3 per cent backed by a huge volume of 59.85 lakh shares on the Bombay Stock Exchange (BSE) to close at Rs 315.10.

Analysts said most frontline stocks are witnessing value buying after the market fall on Monday when stocks were heavily battered.

A dealer with a domestic brokerage said, "Nothing has changed fundamentally for the company as it is expected to report decent returns in the current quarter.

With the stock available at very low prices, funds are believed to have done bargain hunting which is evident from the fact that the stock has now gained more than 18 per cent in the last two days. The stock had tanked 36 per cent a few days before to a low of Rs 262.55 on May 17, 2004.