Tata Engineering shares hit a three-year high of Rs 182.70 in intra-day trades as buying by foreign institutional investors took the scrip to new highs. The scrip closed at Rs 182.05, up by nearly 5 per cent.
Trading in the scrip was characterised by huge volumes. On the BSE volumes were of the order of more than 17 lakh shares and on the NSE nearly 42 lakh shares changed hands.
In the last one month the scrip has gained around 19 per cent, while in the last eight months the scrip price has gained nearly 40 per cent.
The commercial vehicles segment has shown a lot of growth and prospects for the future look good due to the demand from the national highways project.
During the last fiscal the company turned in profits compared with a loss in the previous year. Cost reduction exercises also helped the company save nearly Rs 1,000 crore in the past three years.
