Tata group stocks outshine Sensex
Leading Tata group firms, including Tata Motors and Tata Steel, outperformed Sensex in March by surging more than twice of what the benchmark index has gained in the month so far.business Updated: Mar 29, 2009 11:45 IST
Leading Tata group firms, including Tata Motors and Tata Steel, outperformed Sensex in March by surging more than twice of what the benchmark index has gained in the month so far.
According to a comparative analysis of their performance, the 30-share Sensex, which regained the 10,000-level last week, surged 13 per cent in the one-month period till Friday last week. On other hand, the four Tata group firms -- Tata Consultancy Services, Tata Motors, Tata Communications and Tata Steel-- on an average gained over 26 per cent in the period.
"Tata group stocks had been oversold and are now bouncing back. Further, the expectations of launch of Nano had fuelled the Tata Motors shares," a leading analyst from a domestic brokerage said.
Tata Communications, which provides communication solutions, led the Tata group firms by posting gains of 33 per cent in one month period ended on March 27.
Tata Comm shares settled at Rs 537.40 on Friday last week against Rs 403 on February 27.
Analysts said that the scrip gained mainly on expectations of receiving money from Tata Tele Services stake sale to DoCoMo. The company received Rs 424 crore on March 25.
First Published: Mar 29, 2009 11:41 IST