Tata Group Shares Gain On Top Court's Order Backing Cyrus Mistry's Removal

Share prices of Tata Group entities including Tata Consultancy Services (TCS), Tata Steel Limited, Tata Motors, and others gained on Friday, March 26, after the Supreme Court today backed the removal of Cyrus Mistry as the chairman of the Tata Group setting aside the company law tribunal that has reinstated him. On Friday, Tata Consultancy Services opened on the BSE at Rs 3,083, touching an intra day high of Rs 3,110.95 and an intra day low of Rs 3,044, in the trading session so far. (Also Read: In Big Win For Tata Sons, Supreme Court Backs Removal Of Cyrus Mistry )

At 12:38 pm, TCS shares traded 1.27 per cent higher at Rs 3,103.75 on the NSE, while on the BSE, it traded 1.07 per cent higher at Rs 3,101.

On December 18, 2019, the National Company Law Appellate Tribunal had restored Cyrus Mistry as the executive chairman of the over $100 billion salt-to-software Tata Group. The order challenged by the Tatas has now been scrapped.
 

Meanwhile, the leading steel manufacturer of the country - Tata Steel, gained more than four per cent on Friday. Tata Steel opened on the BSE at Rs 47, touching an intra day high of Rs 49,10 and an intra day low of Rs 46.55, in the session so far. Tata Steel shares last traded 4.41 per cent higher at Rs 48.50 on the BSE.

Tata Motors also gained over four per cent. It opened on the BSE at Rs 292, touching an intra day high of Rs 301.50 and an intra day low of Rs 290.40 in the trading session, so far. On the NSE, shares of Tata Motors last traded 4.11 per cent higher at Rs 297.30,

''The Supreme Court has ruled in the favor of Tata sons setting aside NCLAT order of reinstating Cyrus Mistry as the chairman of Tata sons. The impact of this can be shown in all the major Tata stocks,'' said Gaurav Garg, Head of Research at CapitalVia Global Research.