Tata Chemicals Hits Upper Circuit; TCS, Tata Elxsi, TMPV Rally; Reserve Bank Files Caveat in Bombay HC

Mumbai, Sept 15: Shares of several Tata Group companies were in focus on Tuesday morning, with Tata Chemicals locking in its upper circuit and Tata Consultancy Services, Tata Elxsi and Tata Motors Passenger Vehicles posting strong gains, even as Tata Motors Commercial Vehicles slipped and Tata Steel held marginally higher, according to a Mint report. The moves came in a session where investors also tracked a fresh development at the group’s holding company, Tata Sons, over its long-pending listing obligations. 

Tata Motors Commercial Vehicles (TMCV) was the only decliner among the group’s actively traded counters, slipping 0.68 per cent to Rs 431.60 from a previous close of Rs 434.55. The stock opened higher at Rs 441.20 and touched an intraday high of Rs 446.70, before selling pressure dragged it to a low of Rs 430.30, with the VWAP at Rs 436.96. Sellers dominated the order book, with sell orders accounting for 72.88 per cent of total quantity against 27.12 per cent buy interest, pointing to profit booking after the early rally. 

Tata Steel (TATASTEEL) was largely rangebound, edging up 0.60 per cent to Rs 184.09 against a previous close of Rs 183. The stock opened at Rs 186.10, touched a high of Rs 186.49 and a low of Rs 182.38 during the session, with the volume-weighted average price at Rs 183.77. Sell orders outweighed buy interest at 65.76 per cent against 34.24 per cent, even as the stock stayed marginally in the green. 

Tata Elxsi (TATAELXSI) gained 3.80 per cent to Rs 3,511.40 from a previous close of Rs 3,383. The stock opened at Rs 3,450, rose to an intraday high of Rs 3,532.10, and held a low of Rs 3,435, with the VWAP at Rs 3,501.39. Buyers were marginally ahead in the order book, accounting for 51.70 per cent of total quantity against 48.30 per cent sellers. 

Tata Motors Passenger Vehicles (TMPV) advanced 4.09 per cent to Rs 313.40, up from a previous close of Rs 301.10. The stock opened at Rs 320, hit a high of Rs 320.15, and slipped to a low of Rs 313, with the VWAP at Rs 315.49. Sell orders led the order book at 60.27 per cent against 39.73 per cent buy interest, even as the stock held on to a large part of its opening gains. 

Tata Consultancy Services (TCS) rose 4.56 per cent to Rs 2,301.20 from a previous close of Rs 2,200.80, among the sharpest gainers in the group. The stock opened at Rs 2,275.50, climbed to an intraday high of Rs 2,322.40, and found support at a low of Rs 2,270, with the VWAP at Rs 2,300.27. Sell orders made up 61.73 per cent of the order book against 38.27 per cent buy interest, as some investors booked profits into the rally. 

Tata Chemicals (TATACHEM) was the standout performer among group companies, hitting its upper circuit and surging 19.99 per cent to Rs 734.90 from a previous close of Rs 612.45. The stock’s open, high and low were all locked at Rs 734.90, reflecting the upper circuit, with the order book showing no sellers and buy orders for over 18.5 lakh shares pending at the top bid. The complete demand-supply mismatch, with the entire order book quantity on the buy side, underscored the intensity of the rally, leaving the counter untraded for the remainder of the session once the circuit was hit. 

RBI Files Caveat in Bombay HC in Tata Sons Listing Case Matter 

Away from the trading screens, Tata Sons, the holding company of the Tata Group, found itself in focus after the Reserve Bank of India preemptively filed a caveat petition in the Bombay High Court in the ongoing Tata Sons listing matter. According to a report by The Economic Times, the caveat means the RBI wants to be heard if any petitioner approaches the court challenging the decision or seeking a stay, and the central bank has conveyed the same to Tata Sons. The development came after the RBI rejected Tata Sons’ application last week to voluntarily surrender its Certificate of Registration, a move that would have helped the company avoid classification as an unregistered Core Investment Company. Following the RBI’s decision, Tata Sons will have to be listed publicly, a significant development for the holding company of India’s largest business conglomerate, which controls the group’s various listed and unlisted entities. After its September 11 decision, the RBI advised Tata Sons to take all necessary steps to comply with the guidelines and instructions applicable to an NBFC-Upper Layer entity, having earlier said it could not accede to the company’s request for voluntary surrender of its CoR. The regulatory overhang around the holding company’s listing status is likely to remain a key talking point for investors tracking the broader Tata Group even as individual group stocks continue to see sharp, stock-specific moves. 

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