Tata Group companies’ share prices rose on Friday with the Supreme Court’s verdict dispelling all uncertainty around the business.
Tata Consultancy Services Ltd, the crown jewel of Tata Group, was trading up 0.70 per cent at ₹3,092.05 (1.22 per cent up at 1.30 pm) before settling down at ₹3,068 at close. Tata Power was up 4.92 per cent at ₹103.45 and Tata Chemicals rose 1.77 per cent to ₹744.15 on the BSE.
While Tata Communications was up 4.11 per cent at ₹1,118.05, Tata Coffee was trading up 3.87 per cent at ₹120.90, Tata Steel rose 6.05 per cent at ₹766.65 and Tata Consumer Products Ltd was up 2.04 per cent at ₹627.75
Shares of Tata Investment Corporation rose 2.65 per cent at ₹1,035.75 and that of Tata Metaliks were up 3.80 per cent at ₹720.10
“The Supreme Court order removes a great deal of uncertainty as the allegations made by Cyrus Mistry was hanging like a Damocles sword. If the verdict had gone the other way, there would have been chaos in the market. Now the group can focus on the business without any nuisance,” said a stock analyst.
On the other hand, shares of Mistry group firms Sterling & Wilson Solar and Forbes & Co were trading down on the BSE. Sterling & Wilson Solar was trading 8.54 per cent lower at ₹249.15. Forbes & Co was down 3.05 per cent at ₹1,747.45 during close. “SP Group will have to take steps that will instill confidence among investors,” said a market expert.