 "Tata Group becomes first Indian conglomerate to cross Rs 30 trn mcap")
Tata Group on Tuesday became India’s first business conglomerate to cross Rs 30 trillion in market capitalisation (mcap). The shares of Tata Consultancy Services (TCS) jumped 4 per cent, taking its market valuation above the Rs 15 trillion mark for the first time.
The sharp rally in the TCS stock boosted the Mumbai-based salt-to-software major’s total mcap to Rs 30.6 trillion. Mukesh Ambani-led Reliance Group is currently India’s second-largest business enterprise with a mcap of Rs 21.6 trillion, followed by Gautam Adani-led Adani Group, which stood at Rs 15.5 trillion.
The sharp rally in the TCS stock boosted the Mumbai-based salt-to-software major’s total mcap to Rs 30.6 trillion. Mukesh Ambani-led Reliance Group is currently India’s second-largest business enterprise with a mcap of Rs 21.6 trillion, followed by Gautam Adani-led Adani Group, which stood at Rs 15.5 trillion.
Indices rebound on buying in IT shares, foreign inflows
Benchmark indices Sensex and Nifty rebounded nearly 1 per cent on Tuesday following buying in IT giants TCS and Infosys, foreign fund inflows and positive global trends.
After a firm opening, the 30-share BSE Sensex climbed 454.67 points or 0.63 per cent to settle at 72,186.09. As many as 19 Sensex shares advanced and 11 declined. During the day, the barometer jumped 529.98 points or 0.73 per cent to 72,261.40.
The Nifty gained 157.70 points or 0.72 per cent to close at 21,929.40, driven gains in BPCL, HDFC Life and HCLTech.
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A rebound in Chinese markets also bolstered the sentiment, analysts said. Chinese markets jumped up to 4 per cent after Monday's steep losses as a state-run investment fund said it would jack up share purchases. Reports also suggested China President Xi Jinping was set to meet with officials to discuss the markets.
“The market exhibited a positive breadth, registering moderate gains, with investors showing reluctance to significantly trim their positions ahead of the RBI MPC meeting. Expectations for a dovish monetary policy buoyed sentiment in the bond market,” Vinod Nair, Head of Research, Geojit Financial Services said.
BLS E-Services soars 2.7x on market debut
Shares of BLS E-Services, an e-governance services enabler, nearly tripled during their stock market debut on Tuesday. Its stock closed at Rs 371, up 2.75 times (x) over its issue price of Rs 135. Shares of the company hit their 20 per cent upper trading limit on both exchanges in the afternoon trade. The stellar debut follows strong demand for shares of the company during its Rs 310-crore maiden share sale, which was subscribed 162 times. At the last close, BLS E-Services was valued at Rs 3,369 crore.