1 hr ago
Tata Group Stocks Rally After Tata Sons Listing Setback
Several Tata Group company shares rose on Tuesday.
Tata Chemicals had the biggest increase, with its shares rising 20 per cent.
This happened after reports that the Reserve Bank rejected a request from Tata Sons.
Tata Sons had sought to give up its core investment company registration.
The reported decision may mean Tata Sons cannot avoid a required stock-market listing.
That could set the stage for Tata Sons to become publicly traded.
Other Tata companies also saw their share prices rise.
The figures reported were based on trading on the BSE.
Tata Chemicals surged 20 per cent on Tuesday amid reports concerning Tata Sons’ registration application.
The Reserve Bank reportedly rejected Tata Sons’ request to surrender its core investment company registration.
The decision could prevent Tata Sons from avoiding a mandatory stock-market listing.
Tata Investment Corporation rose 15.24 per cent, while Tata Motors Passenger Vehicles gained 5.89 per cent.
TCS, Tata Elxsi, Tata Power, Tata Communications, Tata Steel and Tata Consumer Products also advanced on the BSE.
- Who
- Tata Sons, the Reserve Bank, and listed Tata Group companies.
- What
- Reports said the Reserve Bank rejected Tata Sons’ application to surrender its core investment company registration, prompting a rally in Tata Group stocks.
- Where
- On the BSE, or Bombay Stock Exchange.
- When
- Tuesday; the report was issued at 13:04.
- Why
- The reported rejection could prevent Tata Sons from avoiding a mandatory stock-market listing and put it on course to become publicly traded.
Key facts
- Top gainer
- Tata Chemicals rose 20 per cent.
- Other major gain
- Tata Investment Corporation climbed 15.24 per cent.
- Reported decision
- The Reserve Bank reportedly rejected Tata Sons’ application to surrender its core investment company registration.
- Potential consequence
- Tata Sons may have to pursue a mandatory stock-market listing.
- Tata Motors Passenger Vehicles
- Shares rose 5.89 per cent.
- TCS
- Shares gained 5.47 per cent.
- Trading venue
- The gains were reported on the BSE.
Sources
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