Tata Motors stock advanced nearly 5% on Tuesday on news reports that Tata Sons bought 1.7% stake in the automaker through multiple block deals executed on both BSE and NSE today.
Tata Motors stock advanced nearly 5% on Tuesday on news reports that Tata Sons bought 1.7% stake in the automaker through multiple block deals executed on both BSE and NSE today. Today about 4.44 crore shares of Tata Motors were exchanged in a series of block deals for an amount aggregating to Rs 1,871.79 crore on both BSE and NSE. The stock of the automaker rose as much as 4.93% to the day’s high of Rs 424.9 on NSE and was the top gainer on both the main exchanges.
The equity benchmark Nifty 50 extended yesterday’s gain and made an all new lifetime high of 10,178.95 points on Tuesday as market participants await the outcome of US Federal Reserve meeting starting from today. NSE Nifty advanced 22.5 points to open at a record high of 10,175.6 points while BSE Sensex gained 98.68 points to open at 32,522.44 points. Within the wee hours of trading both the key indices fell into negative territory, Sensex fell 0.09% to 32,395.91 points and Nifty lost 0.11% at 10,142.25 points.
In next two days, Tata Sons is going to hold its 99th Annual General Meeting. A slew of proposals, which may dilute the rights of the Shapoorji Pallonji group, have been sent to the shareholders for their approval: first, to change the company’s legal status from public to private; and second, to tweak the voting rights of the preferential shareholders, deepening further the ongoing feud after company’s patriarch Ratan Tata removed Cyrus Mistry as the group Chairman.
In a separate development, Tata Group chairman N Chandrasekaran is reportedly considering winding down Tata Teleservices after failed attempts to sell the debt-ridden mobile services business. If it happens, Tata Teleservices, which has a consolidated debt of over Rs 34,000 crore, would become the first major Tata unit to be shut down in its 149-year-old history.