The stocks of Tata Group companies on Friday (October 11) experienced a significant surge following the appointment of Noel Tata as the Chairman of Tata Trusts.
In the holding company of Tata Group, Tata Trusts controls a majority stake in Tata Son. After the passing of Ratan Tata on October 9, the board of Tata Trusts approved the appointment of Noel Tata as the chairman of Tata Sons.
After the recent announcement of the appointment, the stocks of several Tata Group companies such as Tata Investment Corporation, Trent, Rallis India, Tata Chemicals, Titan Company, and others saw notable gains during the trading session.
Stock Market Reaction
The shares of Tata Investment Corporation saw a surge in its share price, climbing 2.63 per cent to trade at Rs 7,105.00 by 2:44 PM IST on NSE.
Tata Investment Corporation shares performance |
Similarly, Trent also saw an uptick in its shares, which spiked by 2.63 per cent to Rs 8,240.00 at the same time on the NSE.
Trent share performance |
Other key Tata Group stocks followed suit. Rallis India shares also surged by 1.57 per cent to Rs 316.05 apiece during the trading hours.
Rallis India shares performance |
Tata Chemicals also reported a surge in its shares, up by 2.33 per cent to Rs 1,178.00. Titan Company also saw an increase, rising 0.96 per cent to Rs 3,480.25 apiece.
Tata Communications and Tejas Networks had modest gains of 0.35 per cent and 0.33 per cent, respectively.
Noel Tata currently chairs the boards of the Sir Ratan Tata Trust and Sir Dorabji Tata Trust, which are two key entities that control Tata Sons' 65.9 per cent stake.
In the key positions held, he has been the chairman of Trent Ltd since 2014. Apart from his chairmanship at Trent, he also became the became the vice chairman of Titan Company in 2018.
Furthermore, in March 2022, he was also appointed the vice chairman of Tata Steel.
