 "Noel Tata likely appointed as Tata Trusts Chair; Group stocks trade mixed")
Noel Tata Chairman Tata Trusts: Tata Group stocks were trading mixed on Friday amid reports of appointment of Noel Tata as the Chairman of Tata Trusts.
At 1:44 PM, Trent share price was ruling 2.8 per cent higher, Tata Chemicals share price was up 2.35 per cent, Tata Steel 0.7 per cent, and Tata Motors 0.17 per cent.
On the contrary, Tata Consultancy Services wad down 2.5 per cent (mainly due to its muted September quarter results), Tata Power was down 0.8 per cent, Tata Consumer Products 0.3 per cent, and Indian Hotels Company 0.28 per cent.
By comparison, the NSE Nifty was down 0.15 per cent at the time of the writing of this report.
According to reports, Tata Trusts held at least two meetings today and unanimously decided to appoint Noel Tata as the Chairman. READ MORE
Business Standard reported on October 11 that Noel Tata could be the likely successor of Ratan Tata, who passed away on Wednesday night at the age of 86. READ MORE
More From This Section
Who is Noel Tata?
Noel Tata, aged 67, is the half-brother of Ratan Tata and the son of Naval and Simone Tata. He became part of the Tata Group in 1999, taking over the retail arm, Trent, and was later elevated to chairman in 2014.
When Noel had joined Trent, its consolidated revenue from operations was Rs 19.7 crore, translating into an annualised revenue of Rs 26.3 crore.
Today, Trent boasts brands like Westside , Zudio, and Star Bazaar. Trent also manages the Indian presence of two leading global fashion brands, Zara and Massimo Dutti in India. At the end of the financial year 2023-24 (FY24), Trent had a consolidated revenue of Rs 12,669 crore.
Apart from Trent, Noel was part of Tata International, an exporter of leather goods, minerals, and metals, between 2010 and 2021. In 2019, Noel became a trustee of the Sir Ratan Tata Trust and joined the board of the Sir Dorabji Tata Trust in 2022.
Now, with the Chairmanship of Tata Trusts handed over to Noel, he will fill in the shoes of Ratan Tata, the former Chairman Emeritus of Tata Sons and Tata Trusts.
Ratan Tata was admitted to Mumbai's Breach Candy Hospital after his health deteriorated, where he eventually died on Wednesday night.