Tata Group stocks mixed after NCLAT restores Mistry as Group exec chairman
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Shares of Tata Group companies were trading mixed in the early trade on Thursday, a day after National Company Law Appellate Tribunal (NCLAT) reinstated Cyrus Mistry as the executive chairman of the Tata group. The 172-page order, while upholding Mistry’s charges that he was ousted without due process, said the action taken by Ratan Tata and others against the former Tata Sons chairman was oppressive and illegal.
At 09:47 am, shares of Tata Global Beverages were trading over 0.5 per cent lower at Rs 310 apiece on the BSE while Tata Steel was trading over a per cent lower at Rs 439.35. Tata Coffee was unchanged at Rs 92 and Tata Communications was flat at Rs 396, up just 0.20 per cent. Titan Company was down 0.25 per cent.
Among gainers, Tata Motors was trading over a per cent higher at Rs 176.60 as the company on Wednesday said it has acquired Bowler, a UK-based manufacturer of all-terrain performance cars, parts and rally raid vehicles.
The Bowler business, which is now fully-owned by JLR, would continue to operate from its premises in Belper for the foreseeable future.
Tata Consultancy Services (TCS) was trading 0.5 per cent up at Rs 217 on the BSE. In comparison, the S&P BSE Sensex was trading 66 points or 0.16 per cent lower at 41,492.
“NCLAT’s decision comes as a surprise and will impact the stocks in the near-term. A long-term disruption is ruled out as each company in the group has a separate management structure and operating environment. Among the lot, TCS, Tata Global Beverages and Titan are on a stable footing. Tata Steel and Tata Motors continue to be impacted due to their global business segments,” said G Chokkalingam, founder and managing director at Equinomics Research.
According to Deepak Jasani, head of retail research at HDFC Securities, key decisions of the Tata Group on mergers, demergers and capex could get impacted in the event the Supreme Court upholds NCLAT’s decision.
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