Tata Group stocks trade weak; Tata Power, Tata Chem, Tata Com down up to 6%
Source: Business Standard
Tata (Photo: Shutterstock)
Shares of Tata group companies traded weak at the bourses on Monday, falling by up to 6 per cent on the BSE in intra-day trade. The drop comes amid an overall weakness in Indian equities due to foreign institutional investors’ (FIIs’) selling.
Click here to connect with us on WhatsApp
Tata Steel, Titan Company, Tata Consumer Products, Voltas, Tata Investment Corporation, Tata Elxsi, Nelco and Tata Technologies lost between 1 per cent and 3 per cent. Tata Motors, Tata Consultancy Services, Indian Hotels Company and Trent were flat.
In comparison, the BSE Sensex was down 0.3 per cent at 81,516 at 12:14 PM. BSE Midcap and Smallcap index slipped 1.7 per cent and 2.7 per cent, respectively.
Tata group stock performance in 2024
Thus far in the calendar year 2024 (CY24), the stock price of Voltas (up 81 per cent), Tata Investment Corporation (53 per cent), Tejas Networks (31 per cent) and Tata Power (35 per cent), Nelco (20 per cent ),Tata Steel (18 per cent) and Tata Communications (13 per cent) have outperformed the BSE Sensex, which gained nearly 13 per cent during this period.
Among the individual stocks, Tata Power was down 6 per cent to Rs 441 on back of heavy volumes on Monday. The stock of integrated power utilities company had hit a record high of Rs 494.85 on September 27.
The LoA includes an original contracted capacity of 200 MW, along with a greenshoe option for an additional contracted capacity of 200 MW, making this the largest renewable energy project in state of Maharashtra till date for TPREL, the company said.
TPREL is one of the country’s most significant renewable energy players. TPREL is a developer of renewable energy projects (including solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems including battery storage) that it owns, operates, and maintains.
Tata Power rating
In August, S&P Global Ratings has upgraded the rating of Tata Power Company to BBB- from BB+ with a positive outlook. The change in assessment reflects the greater operational integration and cohesiveness within the Tata group in recent years, the rating agency said.
In S&P Global Ratings view, this greater operational integration increases the longer-term commitment of Tata Sons to group entities as well as the incentive to provide support. Tata Power’s integration within the group has strengthened in particular from the execution of energy transition strategies by various group companies and Tata Motors’ growth in the electric vehicle (EV) business.
These strategies include setting up of solar power plants for Tata Motors, Tata Steel, Tata Electronics, among others. Tata Power also assists with setting up the charging infrastructure to support Tata Motors’ EV business and joint bidding with Tata Motors for commercial EV projects, the rating agency said.
First Published: Oct 07 2024 | 2:20 PM IST
