Tata Investment Corp hits 5% upper circuit for second session on reports of IPO plans

Tata Investment shares at 5 percent upper limit for second session

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Shares of Tata Investment Corporation Ltd hit its 5 percent upper limit for the second session on March 28 morning on a report that the conglomerate was planning several initial public offerings (IPOs) over the next two or three years.

Companies whose IPOs could be in the pipeline are Tata Capital, Tata Autocomp Systems, Tata Passenger Electric Mobility, BigBasket, Tata Digital, Tata Electronics, Tata Housing, and Tata Batterie, The Economic Times said in a report.

Moneycontrol couldn't verify the report independently.

The Tata Investment stock has gained over 46 percent this year, so far.

Earlier this month, Tata Group companies shares gained as investors expected Tata Sons to get listed. On March 7, shares of Tata Motors, Tata Chemicals, Rallis India, Tata Power, Nelco and Tata Investment, surged up to 15 percent as the buzz around Tata Sons' expected IPO got louder.

Also Read | Tata Motors, Tata Investment, other group stocks soar up to 15% on buzz over Tata Sons IPO

However, the rally fizzled out after reports said that Tata Sons might not makes its debut in the primary market.

Tata Investment, a subsidiary of Tata Sons since 2008, specialises in long-term investments like equity shares. Tata Sons and other group firms collectively own about 73.38 percent of its capital.

Recently, Tata Investment appointed Savitha Narayanan as Chief Technology Officer and reappointed Ankan Mondal as Chief Risk Officer with effect from April 1. Jenniefer Samuel has been appointed head of internal audit after the resignation of Kersi Bhagat.