Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming Tata Group into a global conglomerate, passed away late on October 9.
| Photo Credit: PTI

Shares of Tata Group companies on Thursday (October 10, 2024) rose up to 10%, with Tata Chemicals and Tata Teleservices among the major gainers.

Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday (October 9, 2024). He was 86.

Ratan Tata death reactions live updates

“Investors can pay tribute to Ratan Tata and the great corporate empire he built by buying stocks like TCS, Tata Motors, Tata Steel, Tata Consumer and Indian Hotels.

“Ratan Tata, while pursuing the group’s growth, contributed substantially to India’s growth and millions of ordinary investors gained from the great man’s vision,” V.K. Vijayakumar, chief investment strategist at Geojit Financial Services, said.

The stock of Tata Investment Corporation soared 10.47% to trade at ₹7,235.80 apiece, Tata Chemicals climbed 6.26% to ₹1,174.85, Tata Teleservices Maharashtra jumped 5.84% to ₹83.77, Tata Elxsi rose 3.37% to ₹7,867.80, Tata Power went up 2.56% to ₹472.70 on the BSE.

Also, shares of Tata Technologies, Rallis India, Nelco, Tejas Networks, TajGVK Hotels & Resorts, and Indian Hotels & Company also rose on the bourse.

In addition, the scrip of Tata Steel rose 0.91%, Tata Communications (0.84%), Tata Consultancy Services (0.21%), Tata Consumer Products (0.17%), Voltas (0.24%) and Automotive Stamplings & Assemblies (0.23%) on the BSE.

However, Tata Group’s retail firm Trent slipped 0.90% to trade at ₹8,146.35 apiece, Titan fell 0.81% to ₹3,465.80 and Tata Motors was down 0.40% to ₹935.35 per scrip.

The 30-share BSE Sensex jumped 198.28 points, or 0.24%, to 81,665.38 in the mid-session trade on Thursday.

Investors should learn from the growth of the Tata empire that a long-term investment horizon is required to really participate in the wealth creation that happens through the capital market. In a bull market like the present one, there will always be valuation concerns, Mr. Vijayakumar added.

Tata Consultancy Services (TCS) has cancelled a press conference scheduled on Thursday (October 10, 2024) evening to announce its second quarter performance, company officials said.

The press conference was originally scheduled at 1730 hours on Thursday (October 10, 2024).

As originally scheduled, TCS will inform the exchanges about its July-September performance after the board meeting, the officials said.

A scheduled call with analysts at 7 p.m. will be held as per schedule, they said.

The last rites of Ratan Tata, who passed away late on Wednesday (October 9, 2024) evening, are scheduled to take place after 4 p.m. at central Mumbai’s Worli on Thursday (October 10, 2024).

Tata breathed his last on Wednesday (October 10, 2024) evening at a city hospital.

The bull statue at the Bombay Stock Exchange building, in Mumba.
| Photo Credit: PTI

Equity benchmark indices rallied in early trade on Friday, July 12, 2024, amid buying in IT stocks after TCS announced its June quarter earnings.

The 30-share BSE Sensex climbed 226.11 points to 80,123.45 in early trade. The NSE Nifty went up by 82.1 points to 24,398.05.

Among the Sensex pack, Tata Consultancy Services climbed over 2 per cent after the country’s largest IT services player reported 8.7 per cent growth in the June quarter net profit at ₹12,040 crore.

Infosys, Axis Bank, Mahindra & Mahindra, Bajaj Finance, Tech Mahindra and HCL Technologies were the other major gainers.

Maruti, Asian Paints, Bharti Airtel and ITC were among the laggards.

“The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

In Asian markets, Hong Kong quoted higher while Seoul, Tokyo and Shanghai traded lower.

US markets ended mostly lower on Thursday.

Global oil benchmark Brent crude climbed 0.25 per cent to USD 85.59 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,137.01 crore on Thursday, according to exchange data.

Retreating from early highs, the BSE benchmark closed lower by 27.43 points or 0.03 per cent at 79,897.34 on Thursday. The NSE Nifty edged down 8.50 points or 0.03 per cent to settle at 24,315.95.

TCS’ net profit fell 3.1% compared to March quarter. File
| Photo Credit: Reuters

India’s largest IT services company Tata Consultancy Services (TCS) on July 11 posted an 8.7% year-on-year rise in its consolidated net profit at ₹12,040 crore in the first quarter ended June 2024.

The net profit for the year-ago period stood at ₹11,074 crore.

The company, which competes in the IT services market with the likes of Infosys, Wipro and HCLTech, reported a 5.4% increase in its revenue at ₹62,613 crore for the quarter just ended.

Sequentially, however, the net profit fell 3.1% compared to March quarter.

“I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets,” K Krithivasan, Chief Executive Officer and Managing Director of TCS, said in a release.

The company is continuing to expand its client relationships, create new capabilities in emerging technologies and invest in innovation, including a new AI-focused TCS PacePort in France, IoT lab in the US, and expanding delivery centres in Latin America, Canada and Europe, Mr. Krithivasan added.

Samir Seksaria, Chief Financial Officer, noted that despite the usual impact of the annual wage increments in this quarter, the company delivered strong operating margin performance validating its efforts towards operational excellence.

“I am delighted to announce the successful completion of our annual increment process. Our continued focus on employee engagement and development led to industry-leading retention and strong business performance, with the net headcount addition being a matter of immense satisfaction,” Milind Lakkad, Chief HR Officer, said.

TCS has declared an interim dividend of ₹10 per equity share of ₹1 each.