Shares of Tata Group companies soared by up to 10 percent on October 10 following the passing of Ratan Tata, the chairman Emeritus of Tata Sons, on October 9 at the age of 86.
While the veteran industrialist's demise has deeply affected many, investors responded positively, reflecting their confidence in the Group's future and its ongoing commitment to the principles and values championed by Ratan Tata.
Ratan Tata, who helmed the Tata Group for more than two decades, is credited for transforming the conglomerate into a global industrial powerhouse. His strategic acquisitions, innovative initiatives, and unwavering commitment to corporate social responsibility garnered him immense respect and admiration.
Under his leadership, the legacy conglomerate's market capitalisation ballooned 17 times. With the combined market capitalization of its listed entities reaching Rs 30 lakh crore, Tata Group experienced remarkable growth driven by Ratan Tata's strategic decisions and timely acquisitions.
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During his tenure as chairman, Tata Group’s revenue skyrocketed from approximately Rs 18,000 crore to Rs 5.5 lakh crore, while its market capitalisation grew from about Rs 30,000 crore to Rs 5 lakh crore.
At 11:13 am on October 10, Tata Investment Corporation and TRF shares were up around 10 percent. Tata Teleservices, Tata Chemicals gained around 6 percent. Other group stocks including NELCO, Rallis India, Tata Power Company, Tata Elxsi gained up to 3 percent.
Tata Technologies, Tejas Networks, Indian Hotels Co, Oriental Hotels, Taj GVK Hotels & Resorts, Tata Communications, Tata Steel, Voltas, Tata Consumer Products, Titan, Tata Consultancy Services and Tata Motors also gained in the range of 0.5 to 2.5 percent.
Trent was an outlier as it traded a percent lower. So far this year, the group’s stocks have performed well, with 16 of them yielding double-digit returns YTD.
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