Tata group stocks gain as N Chandra appointed as new Chairman of Tata Sons

Shares of ten Tata group companies rose by 0.13% to 9.39% at 15:12 IST on BSE after Natarajan Chandrasekaran was appointed as the new chairman of Tata Sons from 21 February 2017.

Trent (up 9.39%), Tata Metaliks (up 1.14%), Tata Global Beverages (up 2.6%), Tata Chemicals (up 0.55%), Tata Investment Corporation (up 0.36%), Tata Power Company (up 0.13%), Tata Sponge Iron (up 0.54%), Tata Teleservices (Maharashtra) (up 0.51%), Tata Coffee (up 5.97%) and Rallis India (up 1.81%) edged higher.

Tata Motors (down 0.77%), Tata Steel (down 0.26%), Tata Communications (down 0.11%) and Tinplate Company of India (down 0.24%) fell.

TCS lost 3.73% after consolidated net profit rose 2.9% to Rs 6778 crore on 1.5% increase in revenue to Rs 29735 crore in Q3 December 2016 over Q2 September 2016. The result was announced after market hours yesterday, 12 January 2017. The results are as per International Financial Reporting Standards (IFRS).

Meanwhile, the S&P BSE Sensex was down 8.04 points, or 0.03% at 27,239.12

TCS had after market hours yesterday, 12 January 2017 announced that Rajesh Gopinathan has been appointed as Chief Executive Officer (CEO) and Managing Director of the company. Gopinathan takes over from N Chandrasekaran who has been appointed as the Chairman of Tata Sons.

Earlier, Tata Sons had in October 2016 replaced Cyrus P. Mistry as chairman of Tata Sons. The board had named Ratan N. Tata as interim chairman of Tata Sons at that time. The board had constituted a selection committee to choose a new chairman. The committee was mandated to complete the selection process in four months.

Tata Sons is the promoter of the major operating Tata companies and holds significant shareholdings in most of these companies.

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