India's Tata Group shares gain after top court backs Mistry removal

TISC Co

26/03/2021 07:01

** Shares of Tata Group of companies, Tata Consultancy
Services  TCS.NS , Tata Motors  TAMO.NS , Tata Steel  TISC.NS ,
Tata Consumer  TACN.NS , Tata Power  TTPW.NS  rise between 1%
and 6%
    ** India's top court on Friday ruled in favour of the
autos-to-steel conglomerate in its long-drawn legal tussle with
former chairman Cyrus Mistry whose family firm owns an 18% stake
in the group holding company, Tata Sons. urn:newsml:reuters.com:*:nL4N2LO1IU
    ** Mistry in 2016 was sacked from his job at the helm of
Tata Sons, the holding company for the Tata Group, after he fell
out with group patriarch Ratan Tata over corporate governance
issues at Tata group companies 
    ** Tata Group is one of India's largest and oldest
conglomerates and Mistry is a scion of the Shapoorji Pallonji
family 
    ** Shapoorji Pallonji group had said last year it was
necessary to separate interests from the Tata Group  urn:newsml:reuters.com:*:nL3N2GJ2N6
    ** TCS shares up 1%, TAMO gain 4.5%, TISC up 5.7%, TACN up
2.7% and TTPW rise 3.9%

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
1-646-223-8780, Outside U.S. +91 8067496031); Reuters Messaging:
nallur.sethuraman.thomsonreuters.com@reuters.net))