Tata group shares gain after Moody's upgrades ratings

Shares of Tata Group firms today rose in the range of 1-12 per cent after Moody's Investors Service upgraded ratings of half a dozen group companies.
Among blue-chips, TCS's stock gained 3.31 per cent to Rs 2,724, while Tata Power climbed 2.27 per cent to Rs 90 on the BSE in morning trade.
TCS was also the top gainer among the 30-Sensex blue-chips.
Shares of Tata Steel rose by 1.13 per cent and Tata Motors was up 0.63 per cent.
Tata Elxsi soared 12.58 per cent and Tata Sponge Iron rose 11.99 per cent.
Moody's Investors Service yesterday upgraded ratings of half a dozen Tata Group firms, including TCS and Tata Motors, on account of Tata Sons' track record in providing timely support to these firms.

The agency upgraded corporate family ratings of Tata Motors to Ba2/Stable from Ba3/Stable, Tata Chemicals' to Ba1/Stable from Ba2/Stable, Tata Steel's to Ba2 from Ba3, Tata Steel UK Holdings' to B2 from B3, Tata Power's to Ba3/Stable from B1/Negative and affirmed Tata Consultancy Services' local currency issuer rating at A3/Stable.
Upward ratings' revision reflects agency's expectation of parental and systemic support in case of need, which has been exhibited both in the form of extraordinary financial support from Tata Sons, the ultimate parent, and ongoing support through their close association with the Tata brand, Moody's Investors Service had said.