Tata Technologies, an arm of Tata Motors, has stormed into the stock market with an astonishing 140 per cent premium over its issue price of Rs 500
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Tata Technologies, an arm of Tata Motors, has stormed into the stock market with an astonishing 140 per cent premium over its issue price of Rs 500. The company, known for its cutting-edge engineering and digital services, witnessed a jaw-dropping debut on the Bombay Stock Exchange (B)SE, listing at Rs 1,199.95 and skyrocketing to Rs 1,400, marking an astounding 180 per cent surge.
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It signifies Tata Group's return to the (Tata Technologies) IPO arena after nearly two decades, making Tata Technologies the first from the conglomerate to take this bold step since Tata Consultancy Services did so in 2004. The Rs 3,042.5 crore IPO, which was subscribed 69.43 times, has sent shockwaves through the market, and investors are now scrambling to understand the secrets behind this unparalleled success.
As the company's market valuation reaches a whopping Rs 52,939.74 crore during morning trade, the question on everyone's mind is: What makes Tata Technologies IPO the talk of the town, and should you be part of this financial frenzy? Don't miss out on the inside scoop—dive into the thrilling world of Tata Tech's unprecedented stock market debut now!
Indian stocks marginally lower, eyes now on Assembly exit polls
Meanwhile, Indian stock indices opened largely unchanged on Thursday, to later trade marginally in the red. The relative weakness was likely because investors resorted to profit booking after a bumper Wednesday session, and ahead of Assembly exit polls of five states later this evening.
Benchmark indices Sensex and Nifty were 0.2-0.3 per cent lower at the time of filing this report.
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On Wednesday, Sensex and Nifty closed 727 points and 207 points with over 1 per cent higher each. Nifty Bank, Nifty Auto, Nifty Financial Services, Nifty IT, Nifty PSU Bank, and Nifty Private Bank were some of the top movers.
The exit polls due on Thursday evening are likely to give indications of the Assembly election outcomes and its impact on the crucial General election in 2024. The exit polls and the actual poll results will be closely monitored by investors.
Over the past month, the Indian stock indices have risen about 4-5 per cent on a cumulative basis.
On the domestic front, investors now also await the second-quarter GDP data, due on Thursday and the S&P Global Manufacturing PMI later on Friday. India's GDP growth for the June quarter came at 7.8 per cent.
"Global cues are supportive with positive news from the mother market US where growth is strong and inflation is trending down. India's Q2 GDP numbers expected today will be better than expected. If these good macros are supported by today's exit poll results coming in tune with market expectations, a rally to record highs can happen soon," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. (With inputs from agencies)
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