Tata Investment Corporation, Tata Chemicals, Trent, Rallis India, among other Tata Group stocks traded higher on Friday after Noel Tata was appointed as chairman of Tata Trusts.
The board of Tata Trusts met on Friday morning and approved the appointment of Noel Tata as the chair of Tata Sons after the death of his half brother Ratan Tata on October 9, according to an executive privy to the development.
“Today, there was a condolence meeting, after which the board of Tata Trusts approved the name of Noel Tata who succeeds Mr Tata,” the executive told Mint.
Tata Sons is 65.9% owned by the trusts, 12.87% by half a dozen Tata Group companies, and 18.4% by the Mistry family.
Tata Investment Corporation share price jumped 5% to a high of ₹7,269.85 apiece, while Trent shares spiked 3.4% to ₹8,309.20 apiece on the BSE. Rallis India stock surged 2.5%, while Tata Chemicals share price gained 2.9%.
Among other Tata Group stocks, Titan Company share price rose over a percent, while Tata Communications gained 2% and Tejas Networks rose 1.9%.
Noel Tata is already on the boards of the key Sir Ratan Tata Trust and Sir Dorabji Tata Trust. Since 2014, he has been the chairman of Trent Ltd. Trent stock price has jumped over 12% in one week and has given multibagger returns of more than 170% year-to-date (YTD). The stock is up over 290% in one year and more than 648% in three years.
Noel became vice chairman of Titan Company in 2018, and was appointed vice chairman of Tata Steel in March 2022.
