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Festive mood comes early for Tata Group stocks; with 17-24% gains in intraday trade, 16 stocks were in the green

October 13, 2021 05:00 PM

Weekend comes early for Tata Group stocks; with 17-24% gains in intraday trade, 16 stocks had a party
Tata Group companies’ stocks were among some great action led by multiple triggers. As many as 16 out of 17 Tata Group companies’ stocks were in the green with the majority of the gain coming from Tata Motors, Tata Chemical, Tata Power today.

Tata Group companies’ stocks were among some great action led by multiple triggers. As many as 16 out of 17 Tata Group companies’ stocks were in the green with the majority of the gain coming from Tata Motors, Tata Chemical, Tata Power today.

Tata Group companies have been in news lately on multiple fronts, from TCS results last week on Friday to Titan Company’s strong quarterly update and now Tata Motors entering into a pact with TPG Group, which would invest $1 billion in passenger electric vehicles (PEV) subsidiary.

Out of all group companies, Tata Motors, Tata Motors DVR (Differential Voting Rights), Tata Power, and Tata Chemical surged most between 17-24 per cent on the BSE intraday today. These four group stocks hit a new 52-week high on the back of TPG Group’s investment in Tata Motors PEV arm.

Read More: Tata Group stocks on a roll, rally up to 20%; here’s the reasons

Even Tata Motors aided most of the market to open at record high levels today, with Nifty opening above 18000-mark and Sensex over 60600-level. Besides, four out of five Tata group companies in the Nifty index have been gaining, except for TCS, which is trading mute since last week amid lower-than-expected Q2 results, today, it is trading flat swinging between positive and negative bias.

Tata Power partnered with Tata Motors, Morris Garages India Limited and JLR for developing EV charging infrastructure for their customers and dealers, including those for e-buses used by multiple state transport utilities.

On an individual basis, Nelco hit an upper circuit of 5 per cent, Tata Coffee grew over 6 per cent, Tata Communications gained 7 per cent, Tata Consumer Products and Titan Company each up near 5 per cent, Tata Steel surged 3.5 per cent and Indian Hotels hitting a new 52-week high, up 7.6 per cent.

Tata Motors through an exchange filing on Tuesday said it will raise Rs 7,500 crore ($1 billion) for its passenger electric vehicle business from TPG Rise Climate at a valuation of up to $9.1 billion.

Tata Motors (TML) and TPG Rise Climate have entered into a binding agreement whereby TPG Rise Climate along with its co-investor ADQ, shall invest in a subsidiary of Tata Motors that will be newly incorporated, Tata Motors said in a statement.

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