Tata Engineering recovered on Friday after early losses following buying support from institutions.
The scrip ended at Rs 160.70, up by 0.82 per cent. The share had dipped 1.1 per cent to Rs 157.60 in the early session.
A total volume of 2.98 lakh shares was witnessed on the counter. Tata Engineering had surged in recent sessions on the back of buying support from institutions following hopes that the US-Iraq war, which begun on Thursday, may end soon.
The scrip leaped 4.1 per cent on Thursday to settle at Rs 159.40 and it was among the top gainers. In two sessions (Wednesday and Thursday), the stock added 5.9 per cent. Funds, especially foreign brokerage Salomon Smith Barney, is believed to have mopped up the stock.
The Tata Engineering scrip has been on a roller coaster ride with the scrip moving in a range of Rs 170-150. Earlier, the scrip staged a smart recovery, rallying from a low of Rs 52-65 in June 2001. The recovery was on the back of a rise in sales in the commercial vehicles segment, which is the company
