Tata Steel bounces back with Rs 833 crore net profit in Q2
The company’s revenue from operations in the quarter fell 3 per cent year-on-year to Rs 53,905 crore.
Several Tata Group firms on Thursday disclosed that some quantum of their shares pledged by holding entity Tata Sons has been released. These companies include Tata Consultancy Services (TCS), Tata Steel, Tata Power, Tata Motors and Tata Consumer Products.
Reports suggest that the TATA sons had released the pledge on March 25 and March 26 in these firms.
As a result, majority of TATA companies shares ended higher—Tata Consultancy Services (TCS), ended 0.56 per cent up; Tata Steel closed 1.53 per cent higher; Tata Power was down by 0.29 per cent by the end of day, Tata Motors ended 1.65 per cent higher, and Tata Consumer Products gained 1.2 per century
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Earlier, in a regulatory filing TCS had said 6,69,71,840 of its shares pledged to Centbank Financial Services by Tata Sons were released upon redemption of debentures. Similarly, Tata Steel said 75,60,000 of its shares pledged to Centbank by Tata Sons were released. Total 1,39,80,000 shares of the company (1.16 per cent of total share capital) were pledged. After the event, 64,20,000 shares, amounting to 0.53 per cent of the total share capital remain pledged.
Likewise, Tata Motors said 2,36,66,500 of its shares pledged to Centbank by the holding entity have been released. Tata Sons had pledged total of 5,17,29,000 shares of Tata Motors and after the release, 2,80,62,500 shares remain pledged.
Tata Consumer Products Ltd also informed the exchange that the promoter has released 48,39,200 of its shares out of 86,72,150 shares pledged to Centbank by Tata Sons were released upon redemption of debentures. After the release, 38,32,950 shares amounting to 0.42 per cent of the company’s total share capital remain pledged.
Tata Power Company also informed bourses that 1,77,39,505 shares out of its 3,87,71,375 shares pledged to Centbank have been released upon redemption of debentures.
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