Tata Group stocks recover lost ground, gain up to 3% at close of trade; TCS shares rise 2.83%

Shares of various Tata group companies on Thursday bounced back to close with gains of up to 3 percent a day after an NCLAT ruling that reinstated Cyrus Mistry as chairman of main group holding company Tata Sons sent the stocks down

Press Trust of India December 19, 2019 16:53:32 IST
Tata Group stocks recover lost ground, gain up to 3% at close of trade; TCS shares rise 2.83%
  • Shares of various Tata group companies on Thursday bounced back to close with gains of up to 3 percent a day after an NCLAT ruling that reinstated Cyrus Mistry as chairman of main group holding company Tata Sons sent the stocks down

  • Various group companies remained under pressure till morning trade, falling by up to 2 percent

  • However, buying emerged towards the close of trade and most of these companies settled the day with gains

New Delhi: Shares of various Tata group companies on Thursday bounced back to close with gains of up to 3 percent a day after an NCLAT ruling that reinstated Cyrus Mistry as chairman of main group holding company Tata Sons sent the stocks down.

Various group companies remained under pressure till morning trade, falling by up to 2 percent.

However, buying emerged towards the close of trade and most of these companies settled the day with gains.

Tata Group stocks recover lost ground gain up to 3 at close of trade TCS shares rise 283

Tata logo. Representational image. Reuters.

Among the gainers, Tata Consultancy Services climbed 2.83 percent, Tata Motors jumped 2.55 percent, Tata Coffee rose 0.98 percent, Tata Global Beverages 0.67 percent, Tata Steel 0.48 percent, Tata Metaliks gained marginally 0.17 percent, Titan Company 0.07 percent and Tata Communications 0.01 percent on the BSE.

In contrast, Indian Hotels Company fell 2.03 percent, Tata Elxsi went lower by 1.40 percent and Tata Investment Corporation declined 0.43 percent.

Various group scrips had fallen up to 4 percent in the previous trade after the order.

In a big win for Cyrus Mistry, a company law appeals court on Wednesday restored him as executive chairman of Tata Sons and ruled that appointment of N Chandrasekaran as head of the holding company of over $110 billion salt-to-software conglomerate was illegal.

It, however, stayed the operation of the order with respect to reinstatement for four weeks to allow Tatas to appeal.

Mistry, scion of the wealthy Shapoorji Pallonji family, had in December 2012 succeeded Ratan Tata as the Executive Chairman of Tata Sons, a post that also made him the head of all Tata group listed firms such as Tata Power and Tata Motors.

In an overnight coup, he was removed as the Chairman of Tata Sons in October 2016.

Updated Date:

also read

From Mahindras to Tatas, how corporate India supports Agnipath scheme
India

From Mahindras to Tatas, how corporate India supports Agnipath scheme

Amid violent protests across the country against the Centre’s new Agnipath scheme, eminent business personalities have backed the model, saying it will provide for a disciplined and trained workforce for the industry

WATCH: Tata Nexon EV bursts into flames in Mumbai, firm says investigation underway
India

WATCH: Tata Nexon EV bursts into flames in Mumbai, firm says investigation underway

In the electric two-wheeler segment, there have been many incidents of vehicles catching fire in the recent past. Electric two-wheeler makers such as Ola Electric, Okinawa Autotech, and PureEV had recalled their scooters in the wake of separate fire incidents

Amazon's petition against Future rejected; directs to deposit over Rs 200 cr penalty in 45 days
Business

Amazon's petition against Future rejected; directs to deposit over Rs 200 cr penalty in 45 days

In December last year, the Competition Commission of India (CCI) suspended the approval given by it in 2019, for Amazon's deal to acquire a 49 per cent stake in Future Coupons Pvt Ltd (FCPL)