TATA stocks raise after Supreme Court verdict

Mumbai: Tata Group stocks gained sharply, rising between 2 to 6 per cent after a favourable Supreme Court verdict in the matter of National Company Law Appellate Tribunal (NCLAT) reinstating Cyrus Mistry as chairman of Tata Group.

As the Supreme Court upheld Tata Sons’ decision to remove Cyrus Mistry as the chairman  of Tata Sons, shares of Tata Group companies started gaining.

Almost all listed companies shares closed in the green on NSE and BSE, the top gainers included Tata Steel (6.04 per cent), Indian Hotel (5.29 per cent), Tata Power (4.87 per cent), Tata Communications (4.24 per cent), Tata Motors (3.8 per cent), Titan Company (3.79 per cent), Voltas (2.18 per cent), Tata Steel BSL ( earlier Bhusan Steel) (4.96 per cent), Nelco(3.76 per cent).

Other gainers included Tata Investment Corporation (2.76 per cent), Tata Chemicals (1.79 per cent), Tata Consumer (2.19 per cent), and Tata Metaliks (3.26 per cent).

Rallis India and Trent closed flat on profit-taking. Tata Group's flagship company Tata Consultancy Services shares also rose to a high of Rs 3118 after the news break but later saw profit-taking and closed flat at Rs 3,068.15 on BSE.