Tata Motors, 2 others to announce Q3 results on Budget day

In an unusual move, as many as three companies, including Tata Motors, have scheduled their board meetings to consider financial results on February 26, the Budget day.

In the past, rarely companies have held their board meetings on the Budget day to consider financial results.

As per the information available on the National Stock Exchange, Tata Motors, ABB and Ineos ABS India will hold their board meetings on February 26, the day when Finance Minister Pranab Mukherjee will present the Budget for 2010-11 financial year.

Confirming the development, Tata Motors in a statement said: "A meeting of the board of directors of Tata Motors will be held on Friday, February 26, to consider, inter alia, the unaudited financial results (consolidated) for the third quarter and nine months ended December 31."

It is to be noted that during the presentation of last Budget on July 6, no company had organised its board meeting.

The Budget 2010 held special significance as it was the first after the UPA government came back to the power for the second time without any support from the Left.

However, Hexaware Technologies had declared its results on February 16 last year, when the interim Budget was presented. It had declared the financial results for the year ending December.

In 2008, De Nora India's board had announced its yearly results for the financial year ending December 2007, on February 29, the day of presentation of the Budget 2009.