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Tata stocks climb up after 3 days of turmoil

Source: PTI
October 28, 2016 17:25 IST
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Tata group stocks on Friday bounced back after three days of continuous decline, closing the day with up to 6 per cent gains on buying at lower levels.

Shares of Tata Motors rose by 2.68 per cent and Tata Steel went up by 1.85 per cent on the Bombay Stock Exchange.

Tata Metaliks soared 5.86 per cent, Tata Elxsi surged 4.20 per cent, Tata Teleservices (3.93 pc), Tata Coffee (2.02 pc), Tata Communications (1.35 pc), Tata Investment Corporation (1.32 pc), Tata Global Beverages (1.20 pc) and Tata Chemicals (0.87 pc).

Tata Power Company and TCS however ended in the red, down 1.38 per cent and 0.58 per cent respectively.

"The auspicious festival season coupled with value-buying in Tata group stocks, persuaded the market to make a small comeback after a slew of corrections," said Vinod Nair, head of research, Geojit BNP Paribas Financial Services Ltd.

The group stocks saw total market value erosion to over Rs 26,000 crore in the past three days amid concerns over sudden ouster of Cyrus Mistry as chairman of Tata Sons, the main holding firm for the group companies.

These stocks had also lost ground on worries about the purported disclosure made by Mistry about huge write-down risks at some firms.

Tata Steel and Indian Hotels on Thursday said they have always made all relevant disclosures and have no further comments to offer following the comments made by Mistry that Tata group firms could face a potential USD 18 billion write-down.

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