Shares of Tata Motors (NYSE:TTM) witnessed a 1% rise today, reaching an intraday high of ₹660.80 on the Bombay Stock Exchange (BSE), following the announcement of Tata Technologies' initial public offering (IPO) slated for November 22. This event marks the first IPO from the Tata Group since Tata Consultancy Services (NS:TCS) went public in 2004. Concurrently, Tata Motors' Differential Voting Rights (DVR) shares also soared to a new peak at ₹453.50, showing a 2% increase and surpassing the previous high set on November 3.
The market's attention was drawn to several stocks including Dabur, ASK Auto, TaMo, PC Jeweller, and Yatra, but it was Tata Motors that stood out with its DVR shares hitting the ₹300 milestone as well. Amidst a week featuring seven new IPOs, investors have been cautioned to avoid common mistakes associated with public offerings. The anticipation around Jaguar Land Rover's (JLR) £3 billion (GBP1 = USD1.2492) investment plan is also contributing to the heightened interest in Tata Motors and its subsidiaries.
In a broader market context, UBS Group forecasted an end to the outperformance of Indian stocks compared to their Chinese counterparts. Meanwhile, investors in Alternative Investment Funds (AIFs) faced challenges in converting physical units into dematerialized (demat) form. Despite a slowdown in IPO fundraising activities during the first half of the calendar year 2023, block deal transactions remain robust.
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