The Hindu Business Line : Tata Motors gains on good prospects for CVs

THE Tata Motors stock gained on Tuesday despite huge volatility in the market. Dealers said that there has been interest in the counter from select FIIs, following a `buy' recommendation by a leading foreign broking firm.

This firm believes that the company would be able to show steady growth in its commercial vehicles (CVs) business. There is talk that the company's car business is also doing well and several market players are optimistic that its Rs 1 lakh car project would be successful like the Indica.

On Tuesday, the stock gained 4.05 per cent to close at Rs 466.60 on the BSE with volume of 12.16 lakh shares; on the NSE, it closed at Rs 467.70, up 4.23 per cent with volume of 32.79 lakh shares.

Coromandel Fertilizers rises on monsoon

Due to active monsoon, the stock of Coromandel Fertilizers has been in the limelight. The stock gained 13.53 per cent at Rs 220.25 on the BSE with volumes of 1.12 lakh shares; on the NSE, it closed at Rs 223.90, up 15.23 per cent with volumes of 85,455 shares.

Dealers said that interest in the stock was due to the company being placed at a better position compared to other companies in the sector. The talk is that EID Parry having 48 per cent stake in the company is seen as a positive for the stock.

EID Parry has taken stake from the Andhra Pradesh Government and talk is that there has been a positive development in the company after the takeover.

Index selling causes fall

AFTER opening firm in the morning, stock indices fell sharply during the day before closing marginally lower. Dealers said the sharp fall during the day was mainly due to heavy index selling by some hedge funds.

The talk is that index selling ranging between Rs 100 crore and Rs 150 crore was done during the day. After the selling was over, fresh buying pulled the market from its low levels.

Another factor for the sharp dip in the market was the blast in Spain, which caused panic among market players.

Virendra Verma

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