Shares of Tata Group companies rose on Thursday, with Tata Chemicals and Tata Teleservices emerging as top performers, rising up to 10 per cent. Ratan Tata, the Chairman Emeritus of Tata Sons, who played a pivotal role in transforming the group into a global conglomerate passed away late on Wednesday at the age of 86.
“Investors can pay tribute to Ratan Tata and the great corporate empire he built by buying stocks like TCS, Tata Motors, Tata Steel, Tata Consumer and Indian Hotels.Ratan Tata, while pursuing the group’s growth, contributed substantially to India’s growth and millions of ordinary investors gained from the great man’s vision,” PTI quoted V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services saying.
On the Bombay Stock Exchange (BSE), Tata Investment Corporation’s stock surged 10.47 per cent to Rs 7,235.80, Tata Chemicals rose 6.26 per cent to Rs 1,174.85, Tata Teleservices Maharashtra climbed 5.84 per cent to Rs 83.77, Tata Elxsi gained 3.37 per cent to Rs 7,867.80, and Tata Power increased by 2.56 per cent to Rs 472.70.
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Additionally, shares of Tata Technologies, Rallis India, Nelco, Tejas Networks, TajGVK Hotels & Resorts, and Indian Hotels & Company also experienced gains.
However, not all Tata Group companies saw positive movement. Trent, the group’s retail firm, slipped 0.90 per cent to Rs 8,146.35, Titan fell 0.81 per cent to Rs 3,465.80, and Tata Motors declined by 0.40 per cent to Rs 935.35 per share.
Despite these few exceptions, the overall sentiment remained bullish.
Vijayakumar emphasized that investors should take a cue from the growth of the Tata empire and understand the importance of a long-term investment horizon to truly benefit from the wealth creation opportunities presented by the capital market. He noted that even in a bull market, valuation concerns may persist.
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In light of Ratan Tata’s demise, Tata Consultancy Services (TCS) has cancelled its scheduled press conference on Thursday evening, which was intended to announce the company’s second quarter performance.
However, TCS will still inform the exchanges about its July-September performance after the board meeting, as originally planned. The call with analysts at 7 pm will also proceed as scheduled.
The last rites of Ratan Tata are set to take place after 4 pm on Thursday at Worli in central Mumbai.