Tata Group shares in focus after huge block deals; Tata Motors up 4%

Shares of select Tata Group companies such as Tata Motors, Tata Chemicals and Tata Global Beverages were in focus and rallied by up to 4% on BSE in early morning trade after a huge block deals executed on these counters.

Tata Motors has rallied 4.5% to Rs 424 on BSE in intra-day trade. Till 09:29 AM; a combined 55.85 million shares representing 1.93% of total equity of Tata Motors have changed hands on BSE and NSE.

Tata Global Beverages was up 2% at 218 after 43.19 million or 7% of total equity of the company changed hands on BSE via block deals.

On Tuesday, September 12, 2017, Tata Global Beverages said that Tata Sons will acquire up to 43.1 million shares or 6.84% stake in Tata Global Beverages from Tata Chemicals as a part of restructuring of its investment portfolio.

The transaction is expected to be executed on or after September 18, 2017 at or around the prevailing price on the date of proposed sale, it added.

The funds received from this sale will allow Tata Chemicals to focus its investments in strategic growth areas in consumer foods and specialty products.

Tata Chemicals too up 1% to Rs 649 on BSE after Tata Sons bought 10 million shares of the company from Tata Global Beverages.

“The company proposes to sell up to 10.5 million equity shares of face value of Rs 10 each of Tata Chemicals to Tata Sons. The transaction is expected to be executed on or after September 18, 2017 at or around the prevailing price on the date of proposed sale,” Tata Chemicals said in regulatory filing.

GET LIVE UPDATES ON MARKET