Block deals hold Tata Investments aloft

Tata Investments jumped 4.23% to Rs 402, after three block deals were struck in the counter on BSE.

Three deals for 3.12 lakh shares each, comprising 2.72% of paid-up share capital, were struck in the counter at an average price of Rs 385.57 per share in opening trade.The counter clocked a total cumulative volume of 9.49 lakh shares on BSE.The stock witnessed a downward journey in the past few trading sessions, slipping from Rs 404.20 on 27 October to Rs 385.60 by 14 November 2006, under selling pressure.

Tata Investment's principal business is investment in shares, debentures, securities, including underwriting new businesses, and taking over the management and control of companies in India, and abroad. Tata Investment owns shares in a host of Tata promoted companies.

Tata Investment posted a net profit growth of 8.30%, to Rs 71.81 crore (Rs 66.29 crore) for Q2 September 2006. Net sales rose 11.30%, to Rs 76.61 crore (Rs 68.85 crore).Public holding in the company stands at 24.52%, while promoters own 60.61% as of June 2006.