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Tata Group stocks shine on back of Rs 7,500 crore TPG funding

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Among Tata group stocks, Tata Motors shares rose as much as 23.56 percent to an intraday high of Rs 519.95 apiece. On the National Stock Exchange (NSE), the company’s shares advanced to Rs 523.85 apiece intraday, up 24.47 percent on back of Rs 7,500 crore TPG funding.

Tata Group stocks shine on back of Rs 7,500 crore TPG funding
Domestic equity benchmarks Sensex and Nifty50 continued to trade on a firm note on Wednesday on the back of positive sentiment in Tata group stocks and other factors.
Among Tata group stocks, Tata Motors shares rose as much as 23.56 percent to an intraday high of Rs 519.95 apiece. On the National Stock Exchange (NSE), the company’s shares advanced to Rs 523.85 apiece intraday, up 24.47 percent on back of Rs 7,500 crore TPG funding.
The company said it will raise Rs 7,500 crore in its passenger electric vehicle (EV) business from TPG Rise Climate. The fund will be used to partly fund investment of over Rs 16,000 crore in the next five years by a new subsidiary of the company for expanding its EV business, including launching of 10 EV models.
Tata Motors Ltd (TML) and TPG Rise Climate, the dedicated climate investing strategy of private investment firm TPG, have entered into a binding agreement, under which the latter along with its co-investor ADQ, will invest in a subsidiary of Tata Motors that will be newly incorporated, the company said in a statement on Tuesday.
Meanwhile, Tata Motors DVR also hit the 20 percent upper limit at Rs 237.30 on the BSE.
Other Tata group stocks like Tata Power, Tata Chemicals and Tata Invest rallied over 17 percent each on the NSE.
Tata Communications and Tata Consumer Products also rose over 3 percent each.
The combined market capitalisation of Tata Motors and Tata Motors DVR jumped by Rs 27,270 crore today. Meanwhile, the total market capitalisation of Tata group listed companies on the BSE rose by around Rs 65,000 crore.
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