Tisco Gains 7% On Hopes Of Price Hike

Mumbai, September 16: | Updated: Sep 17 2003, 05:30am hrs
The share price of Tata Iron and Steel Company Ltd (Tisco) spurted by 6.96 per cent on The Stock Exchange, Mumbai (BSE) on Tuesday on expectations of most steel companies raising their prices further. The stock opened at Rs 246, touched an intra-day high of Rs 264.40 before finally settling at Rs 262.70.

On the National Stock Exchange (NSE), the stock gained by 4.35 per cent to end the day at Rs 262.90 as compared with its earlier closing of Rs 251.95. The stock touched a low of Rs 243 on BSE, while on NSE its intra-day low was Rs 243.05.

Dealers said share prices of steel companies have been climbing on expectation of good results to be announced next month.

Said a dealer with a domestic brokerage house, Most steel companies are likely to increase their product prices which is being seen as a positive for Tisco also. In addition, the company result for the quarter ending Sept 03 is also likely to be impressive which will further provide a fillip to the share prices.

Said a BSE broker, Although some correction was seen in steel stocks, they have recovered since long positions have been liquidated in the futures and options segment. Also LIC has been a buyer in Tisco in the past few days.