Offloading ambushes Tata Motors

DALAL STREET SPIKES

Tata Motors ended lower inspite of a 180 per cent jump in net profit for the quarter ended December 31, 2003. The scrip closed at Rs 416.80 after touching the day's high of Rs 474 soon after the results.

According to market sources, operators having build up huge positions in the derivatives market offloaded their positions after the result announcements. The counter witnessed volumes of more than 42 lakh shares at the BSE.

The company registered a net profit of Rs 210.88 crore for the quarter ended December 31, 2003, as against Rs 75.71 crore in the corresponding period last year.

The quarterly numbers were above street expectations and interest savings also helped the company, said an analyst.

The interest payment came down by 29.4 per cent to Rs 47.4 crore as against Rs 67.14 crore. Company's net sales increased by 55 per cent to Rs 3,398.26 crore.

The company has also declared a 40 per cent (Rs 4 per share on face value of Rs 10) interim dividend for financial year 2003-04.