Tata Group Market Cap Crosses Rs 30 Lakh Crore
The market cap of the conglomerate touched a high of Rs 30.52 lakh crore intraday and later closed at Rs 30.38 lakh crore.
The Tata Group companies' combined market capitalisation crossed the milestone of Rs 30 lakh crore as technology stocks rallied on Tuesday. This makes it the first conglomerate to touch this landmark.
The market cap of the conglomerate touched a high of Rs 30.52 lakh crore intraday and later closed at Rs 30.38 lakh crore. Tata Consultancy Services Ltd. has about half of the group's market cap with Rs 15.13 lakh crore, followed by Titan Co. and Tata Motors Ltd.
Shares of TCS hit a lifetime high on Tuesday, rising as much as 4.4% before paring gains to close 4.09% higher at Rs 4,136 per share on the NSE. The market cap of TCS also crossed Rs 15 lakh crore for the first time.
The recently listed Tata Technologies Ltd. has a market cap of Rs 45,851 crore, and its shares closed 4.48% higher at Rs 1,130.2 apiece on the NSE.
So far this year, shares of TCS have gained over 9.5%, while Tata Technologies Ltd.'s shares have fallen by 4.23%.
TCS has signed a new 15-year contract with Aviva Plc, expanding on their near two-decade alliance to service millions of customers of U.K.’s biggest insurer.
Jefferies and Macquarie have Tata Motors Ltd. as their top pick in the Indian four-wheeler original equipment manufacturers list, despite demand concerns.
The company's net profit surged 138% year-on-year to Rs 7,025 crore in the quarter ended December, according to an exchange filing. Analysts polled by Bloomberg had pegged the net profit at Rs 4,557 crore.