Tata Group stock hits 20% upper circuit after company announces change in management

The share price of the NBFC company hit the 20 percent upper circuit and reached its 52-week high at Rs 3,905.15 compared to its previous close of Rs 3,257.45 after announcing the change in management and the upcoming IPO of its group company.

Tata Investment Corporationa promoter group company, holds a 0.33 percent stake in Tata Motors. Tata Technologies is a division of Tata Motors, and its IPO is scheduled for Wednesday, November 22. This would be the Tata Group’s first initial public offering (IPO) as of September 30, following Tata Consultancy Services (TCS) in 2004.

In addition to Tata Motors, Tata Investment Corporation holds majority stakes in other publicly traded Tata group companies.

Tata Investment Board appointed Mr. Vaibhav Goyal as a general manager on February 29, 2024, he holds the designation of Chartered Accountant and Chartered Financial Analyst. with over 15 years of experience covering various key sectors at various positions in the Indian equity market.

According to the Tata Investment Corporation report, the company’s net revenue increased 29.2 percent year on year from Rs 70.38 crores in Q2FY23 to Rs 90.94 crores in Q2FY24. In addition, net profit rose 15 percent year on year, from Rs 107.36 crores in Q2FY23 to Rs 123.51 crores in Q2FY24.

The majority stake in Tata Investment Corporation is held by promoters at 73.38 percent, followed by foreign institutional investors at 1.12 percent, domestic institutional investors at 0.94, and the remaining portion belonging to the public.

Tata Investment Corporation is a small-cap stock that has increased by 84% year to date and 83% over the last six months.

Tata Investment Corporation Ltd primarily invests in listed and unlisted equity shares, debt instruments, and mutual funds, among other things, of companies from a variety of industries. The firm is an NBFC registered with the RBI in the Investment Company category.

Written by Sriram KV

Disclaimer

The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.