10 October,2024 02:25 PM IST | Mumbai | mid-day online correspondent
Ratan Tata/ File Photo/ PTI
Tata Group companies' shares gained up to 10 per cent on Thursday, with Tata Chemicals and Tata Teleservices among the top gainers. This market reaction came after Ratan Tata, the Tata Group's Chairman Emeritus, died on Wednesday evening. Tata, aged 86, is credited with building the company into a global corporation, reported PTI.
According to the report, Tata Investment Corporation's stock increased 10.47 per cent to Rs 7,235.80, while Tata Chemicals rose 6.26 per cent to Rs 1,174.85. Tata Teleservices Maharashtra increased 5.84 per cent to Rs 83.77, while Tata Elxsi rose 3.37 per cent to Rs 7,867.80. Tata Power gained 2.56 per cent, trading at Rs 472.70.
Other Tata Group companies, such as Tata Technologies, Rallis India, Nelco, Tejas Networks, TajGVK Hotels & Resorts, and Indian Hotels & Company, all saw their BSE shares surge.
Trent, Tata's retail division, declined 0.90 per cent, Titan sank 0.81 per cent, and Tata Motors fell 0.40 per cent, the report added.
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In mid-session trade on Thursday, the 30-share BSE Sensex rose 198.28 points, or 0.24 per cent, to 81,665.38.
VK Vijayakumar, Chief Investment Strategist of Geojit Financial Services, told PTI, "Investors should learn from the growth of the Tata empire that a long-term investment horizon is required to really participate in the wealth creation that happens through the capital market. In a bull market like the present one, there will always be valuation concerns."
Tata Consultancy Services (TCS) cancelled a press conference scheduled for Thursday evening to disclose its second-quarter results. However, the company affirmed that it would present its performance report to the markets following its board meeting, as well as have an analyst call at 7 p.m.
Ratan Tata, born in Mumbai on December 28, 1937, was the Chairman of Ratan Tata Trust and Dorabji Tata Trust, India's two largest private-sector-promoted philanthropic foundations. From 1991 until his retirement in 2012, he served as chairman of Tata Sons, the Tata Group's holding company. Then he was named Chairman Emeritus of Tata Sons. In 2008, he received the Padma Vibhushan, the country's second-highest civilian award.
Ratan Tata's last rites are set to take place at 4 pm on Thursday at Worli crematorium in central Mumbai.
With ANI inputs
