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Thursday, February 27, 2020

Tata group shares trade steady after NCLAT order

Shares of Tata Steel BSL, Tata Power, Tata Elxsi, Tata Steel, Tata Investment Corporation, Tata Steel Long Products, Tata Coffee and Titan Company were trading lower in the range of 0.16 per cent to 1.10 per cent on the BSE at 11:00 am.

By: Express Web Desk | New Delhi | Updated: December 19, 2019 12:30:01 pm
National Company Law Appellate Tribunal (NCLAT) on Wednesday ordered the restoration of Cyrus Mistry as the Executive Chairman of Tata Sons. (File photo)

A day after the National Company Law Appellate Tribunal (NCLAT) ordered the restoration of Cyrus Mistry as the Executive Chairman of Tata Sons, shares of Tata Group companies haven’t experienced volatility in the morning trade as anticipated by market analysts.

The NCLAT also held the appointment of N Chandrasekaran as the Executive Chairman of the group as illegal. In response, Tata Sons said it will take appropriate legal recourse against the verdict.

Shares of Tata Steel BSL, Tata Power, Tata Elxsi, Tata Steel, Tata Investment Corporation, Tata Steel Long Products, Tata Coffee and Titan Company were trading lower in the range of 0.16 per cent to 1.10 per cent on the BSE at 11:00 am.

On the other hand, the shares of Tata Communications, Tata Motors, Tata Chemicals, Tata Global Beverages, Tata Metaliks and Tata Consultancy Services were up in the range of 0.37 per cent to 1.72 per cent at 11:00 am.

In comparison, the benchmark S&P BSE Sensex was at 41,583.18, up 24.61 points or 0.06 per cent.

“Tata’s as an investment vehicle for investors in equities are now under spotlight. One of the key variables investors look for is the management, its vision and decisions. Earlier the Issue was losing confidence in Cyrus while now restoring him in Tata Sons will bring a lot of change in approach for investors. The volatility will be high in these stocks and institutional investors will necessarily look at it critically, and we will see more reaction in coming weeks. Stability in management is a must and these are some of the impact we have seen in stocks.” Mustafa Nadeem, CEO at Epic Research wrote in a note on Wednesday.

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