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Telco revs up - Views on News from Equitymaster
 
 
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  • Jun 17, 1999

    Telco revs up

    Tata Engineering & Locomotive Company Limited (Telco) has reported a 60% jump in sales of Heavy and Medium commercial vehicles (H/MCVs), 4% for light commercial vehicles and a drop of 36.2% in utility vehicles for the month of May compared to corresponding period of last year.

    Telco is India's largest commercial vehicle manufacturer. The company is also one of the largest private sector companies in India.

    The CV segment has recorded a positive growth in sales and production since March 1999. However, this growth is on a lower base of 1998. According to CMIE, Telco's production of H/MCVs during the first four months of 1999 is 10% below the five-year average production while sales during the same period was down by 17%.

    The sales of CVs are highly correlated to economic growth. Therefore, the positive signs of economic recovery should prove to be a boon for the company only if the recovery were to sustain.

    However, the drop in sales of UVs continues to be a source of concern. The company plans to tap the rural markets and also introduce new versions of its much successful 'Tata Sumo' to halt this decline.

    Market View:
    With some indicators signaling an economic recovery, analysts are increasingly putting up 'BUY' recommendations for the scrip. The increase in diesel consumption and freight rates has encouraged analysts to turn positive on the stock.

     

     

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