Telco Up 2% On Good Q3 Hopes

Mumbai, January 21: | Updated: Jan 22 2003, 05:30am hrs
Telco was in high gear in afternoon trades on optimism that the company would turn out a sterling performance for the third quarter ended 31 December, 2002.

On The Stock Exchange, Mumbai (BSE), the scrip of the Tata group flagship and Indias largest commercial vehicles maker climbed two per cent as it closed at Rs 167.20 as against its previous close at Rs 163.75. As many as 7,78,435 shares of Telco changed hands on the counter on Tuesday.

Dealers said that institutions, retail investors and operators are all buying on the counter in anticipation of solid results from the commercial vehicles company. Telco is scheduled to unveil its third quarter results ended December 31, 2002 results on January 22, 2003.

For the third quarter automobile, analysts expect Telco to post a net profit of Rs 74-87 crore compared to a net loss of Rs 55.54 crore in the corresponding period of the previous year.

Net sales are projected to increase by 15-23 per cent to Rs 2,039-2,183 crore. Telcos results will be bolstered by a sterling showing by the companys commercial vehicles, analysts further opined.

Earlier this month, Telco said its December 2002 sales were at 15,216 vehicles, a 25 per cent growth over the vehicles sold in December 2001. Sales for the nine-month period ended December 31 2002 were a little above two per cent higher than the vehicles sold in the corresponding period last year.