Shares of Tata Group companies experienced significant gains on Thursday, October 10, 2024, with increases of up to 10%. Notable performers included Tata Chemicals and Tata Teleservices.
Ratan Tata, the esteemed Chairman Emeritus of Tata Sons and a pivotal figure in transforming the conglomerate into a global powerhouse, passed away at the age of 86 on the evening of Wednesday, October 9, 2024.
In the wake of Ratan Tata’s death, market reactions have reflected a surge in investor sentiment. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted, “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.” He further emphasized that Ratan Tata’s vision not only contributed to the growth of the Tata Group but also significantly impacted India’s economic landscape, benefiting millions of investors.
In trading on the Bombay Stock Exchange (BSE), Tata Investment Corporation saw a remarkable rise of 10.47%, reaching ₹7,235.80 per share. Other significant increases included Tata Chemicals, which rose 6.26% to ₹1,174.85, and Tata Teleservices Maharashtra, which jumped 5.84% to ₹83.77. Tata Elxsi also saw an increase of 3.37%, trading at ₹7,867.80, while Tata Power climbed 2.56% to ₹472.70.
Additionally, shares of Tata Technologies, Rallis India, Nelco, Tejas Networks, TajGVK Hotels & Resorts, and Indian Hotels & Company also experienced upward momentum.
However, not all Tata stocks saw gains. Shares of Tata Group’s retail firm Trent fell by 0.90% to ₹8,146.35, while Titan and Tata Motors experienced declines of 0.81% and 0.40%, trading at ₹3,465.80 and ₹935.35, respectively.
The BSE Sensex, reflecting broader market trends, increased by 198.28 points, or 0.24%, reaching 81,665.38 in mid-session trading on Thursday.
Vijayakumar cautioned investors about the importance of maintaining a long-term investment perspective to fully benefit from wealth creation opportunities within the capital market, particularly in the current bullish market climate, which can raise valuation concerns.
Tata Consultancy Services (TCS) announced the cancellation of a press conference initially set for Thursday evening to discuss its second-quarter performance. TCS officials confirmed that the company would still communicate its results following the board meeting, which will occur as scheduled. A planned call with analysts at 7 p.m. will also proceed as intended.
Ratan Tata’s last rites are scheduled for after 4 p.m. on Thursday, October 10, 2024, at Worli in central Mumbai.
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