Tata Investment Corporation Ltd experienced a remarkable surge of 20% in its shares on November 17, hitting an all-time high driven by the impending Tata Technologies Ltd initial public offering (IPO), scheduled to open for subscription on November 22.
Shares of Tata Technologies opened at Rs 3,270 per share on Friday morning. The stock hit an all-time high of Rs 3,909.90 per piece, jumping 20% from the last closing price on the National Stock Exchange (NSE). Notably, over 13 lakh Tata Investment shares were traded by 12:40 pm, significantly surpassing the one-week average of 52,000 shares.
Tata Investment Corporation, as a non-banking financial company (NBFC), engages in long-term investments, primarily in equity and related securities. The Tata Group investment company holds a significant stake in Tata Technologies. The NBFC also owns positions in several other Tata Group companies, including Tata Chemicals, Tata Consumer Products Ltd, Trent, Tata Elxsi, Tata Steel, and TCS.
The surge in Tata Investment share prices is also influenced by the recent appointment of Vaibhav Goyal as the General Manager (GM). Goyal, a chartered accountant and chartered financial analyst with over 15 years of experience, brings valuable expertise to Tata Investment.
Tata Technologies IPO’s price band is set between Rs 475 to Rs 500 per equity share. This IPO marks a significant event for the Tata group, being the first since Tata Consultancy Services (TCS) in 2004. The IPO aims to raise Rs 3,042.51 crore through an offer-for-sale (OFS) by promoters and investors, including Tata Motors, Alpha TC Holdings Pte Ltd, and Tata Capital Growth Fund I.
Tata Investment Corporation Shares Rally 20% to an All-time High Ahead of Tata Tech IPO - EquityPandit
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