Tata Motors on Tuesday announced that private equity firm TPG will be investing close to $1 billion in its electric vehicle subsidiary at a valuation of $9.1 billion. The announcement sparked a slew of rating and price target upgrades from Dalal Street and triggered an instant rerating in the stock.
The Dow Jones Industrial Average fell 5.63 points, or 0.02 per cent, at the open to 34,372.71.
Barring select sectoral and thematic funds, most schemes managed to deliver positive returns. However, only 56 per cent of the schemes delivered Nifty-beating performance during the month.
The company’s consolidated revenue for the quarter climbed 7.7 per cent quarter-on-quarter to Rs. 19,667.4 crore, which beat Street’s expectations.
In a statement, the Mukesh Ambani-owned conglomerate said as differences arose between Goenka and Invesco they decided not to proceed further.
The second largest software services company reported 11.8 per cent year-on-year growth in its consolidated net profit for the quarter ended September to Rs. 5,421 crore on Wednesday. Infosys reported 20.5 per cent year-on-year growth in consolidated revenue to Rs. 29,602 crore.
Nifty50 saw a gap-up opening at 18,097. It extended gains to kissing distance of the 18,200 level, but profit booking led to some drawdown of gains. Eventually the index closed at 18,161, up 169l points or 0.94 per cent.
Nifty50 formed a bullish candle on the daily time frame and closed with a gain of around 170 points. Now, it has to hold above the 18,050 level to extend its move towards 18,250 and 18,500 levels, whereas on the downside, support is seen at 17,947 and 17,850 levels.
“India requires patient capital because from inception to IPO can take a decade or more as we have seen.â€
During the session, Tata Group stocks stole the spotlight. Every stock of the group created lots of buzz, thanks to strong updates and news flow. Among the losers, Nazara Technologies hit lower circuits, whereas Radico Khaitan witnessed profit booking.
Warning! Information Posting in this website is only for educational purpose. We are not responsible for losses incurred in Trading based on this information.