Tata Group stocks rejoice Supreme Court verdict, jump up to 6%
As many as 17 Tata companies have delivered multibagger returns in the last one year.
By ETMarkets.com |
NEW DELHI: Share prices of Tata Group companies jumped on Friday following the Supreme Court verdict that came in favour of Tata Sons. The Nifty Tata Group index gained nearly 1.5 per cent following the order.
Indian Hotels was the biggest gainer, rising 5.75 per cent, followed by Tata Steel, Tinplate, Tata Steel BSL, Tata Motors, Tata Power, Nelco, Tata Communication, Tata Coffee, Titan and Tata Chemicals that gained 3-6 per cent.
Only two stocks were in the red--Automotive Stampings and Assemblies and TRF--that were trading marginally lower.
The case pertains to cross-appeals led by Tata Sons and Cyrus Investments with respect to the restoration of Cyrus Mistry as the executive chairman of Tata Sons by the NCLAT through a December 2019 order.
In this case, well-settled principles were overturned by NCLAT, the Supreme Court observed while delivering the verdict today.
The court ruling comes after years of protracted legal procedures, bitter accusations and counter-accusations and no-holds-barred mudslinging and removes an overhang on the conglomerate's stocks that have performed brilliantly in the past one year.
As many as 17 Tata companies have delivered multibagger returns in the last one year. Tata Teleservices surged the most, returning over seven times. Tata Communications, Tata Elxsi, Tata Motors - DVR and Tata Motors grew over four times in the period.
Only one stock--Benares Hotels-- has given negative returns, falling nearly 4 per cent.
Indian Hotels was the biggest gainer, rising 5.75 per cent, followed by Tata Steel, Tinplate, Tata Steel BSL, Tata Motors, Tata Power, Nelco, Tata Communication, Tata Coffee, Titan and Tata Chemicals that gained 3-6 per cent.
Only two stocks were in the red--Automotive Stampings and Assemblies and TRF--that were trading marginally lower.
The case pertains to cross-appeals led by Tata Sons and Cyrus Investments with respect to the restoration of Cyrus Mistry as the executive chairman of Tata Sons by the NCLAT through a December 2019 order.
In this case, well-settled principles were overturned by NCLAT, the Supreme Court observed while delivering the verdict today.
The court ruling comes after years of protracted legal procedures, bitter accusations and counter-accusations and no-holds-barred mudslinging and removes an overhang on the conglomerate's stocks that have performed brilliantly in the past one year.
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As many as 17 Tata companies have delivered multibagger returns in the last one year. Tata Teleservices surged the most, returning over seven times. Tata Communications, Tata Elxsi, Tata Motors - DVR and Tata Motors grew over four times in the period.
Only one stock--Benares Hotels-- has given negative returns, falling nearly 4 per cent.
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