Tata Sons gains Rs 29,371 crore in this stock; increases stake and order book stands at USD 8.1 billion!

Interestingly, the company has marginally increased its stake by 0.08 per cent from the September 2023 quarter (72.30 per cent) to the current 72.38 per cent

Nifty experienced a dynamic trading session, commencing with a higher opening and reaching a peak of 21,127 in late morning, but subsequently encountering profit-taking. The index underwent a correction, shedding 270 points from the peak and concluding the session at 21854, marking a commendable 156-point increase.

During the initial half of Friday's session, Nifty surpassed the significant 22,000 mark, only to form a double top on the hourly chart later. The confirmation of a bullish trend resumption hinges upon a decisive breakout above the identified double top level, currently positioned around 22,125.

On the daily chart, a shooting star-like candle emerged, indicating profit-taking at higher levels. Despite the profit booking scenario, the Nifty IT sector demonstrated resilience, registering a notable 2.16 per cent gain on Friday.

Notably, Tata Consultancy Services (TCS), a heavyweight in the IT sector, experienced a nearly 3 per cent surge on Friday, achieving a fresh 52-week high of Rs 3,984.40 on the NSE. Over the week, the stock recorded a commendable 4 per cent increase.

A compelling insight emerges regarding Tata Sons Private Ltd's substantial stake in TCS, accounting for 72.38 per cent of the company's shares, translating to an impressive 2,618,889,419 shares. With Friday's gain of Rs 112.15 per share, Tata Sons Private Ltd amassed staggering total gains of Rs 29,371 crore from this stock. Interestingly, the company has marginally increased its stake by 0.08 per cent from the September 2023 quarter (72.30 per cent) to the current 72.38 per cent.

In Q3FY24, TCS reported robust deal wins, with total contract value standing at USD 8.1 billion. The wins were diverse, spanning various verticals and geographies, with the BFSI segment contributing USD 2.6 billion and the consumer business segment at USD 1.5 billion. The quarter continued to showcase resilience and strength in TCS's performance.

Disclaimer: The article is for informational purposes only and not investment advice.