New Delhi, October 11 (IANS). After the death of 86-year-old Ratan Tata, Noel Tata was appointed as the new chairman by the board of Tata Trust on Friday. After this news, buying was seen in many shares of Tata Group.
Shares of Trent closed 2.94 percent higher at Rs 8,269.30. Noel is considered to have a major role in moving Trent forward. Trent had one store in 1998, which has grown to more than 700 today. Trent runs a business in the retail sector. Westside, Star Bazaar, and Judio are major brands.
Titan closed 0.7 percent higher at Rs 3,471.85. Shares of Voltas rose 0.51 per cent to Rs 1,786.10, Tata Steel rose 0.85 per cent to Rs 161 and Tata Investment Corporation shares closed 2.66 per cent higher at Rs 7,108.30.
Noel Tata currently serves as the Chairman and Non-Executive Director of Tata International Limited. He has been a part of the Tata Group for four decades. He holds several board positions in Tata group companies. Noel is the Chairman of Tata Trent, Voltas and Tata Investment Corporation and Vice Chairman of Tata Steel and Titan Company Limited.
Noel Tata is a long-time trustee of Sir Dorabji Tata Trust and Sir Ratan Tata Trust. Both these trusts have about 66 percent stake in Tata Sons. Tata Sons is the holding company of Tata Group. The Chairperson of the Trust is elected by a majority vote of the members on the Board of the Trust. It works to provide guidance to India’s largest business group.
Tata Sons holds 71.7 percent stake in TCS, 68.5 percent in Tata Investment Corporation, 45.2 percent in Tata Power, 43.7 percent in Tata Motors and 42.2 percent in Tata Elxsi. It has 30-36 percent stake in Trent, Indian Hotels, Tata Chemicals and Tata Steel.
–IANS
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