TCS shares slip 3% after Tata Sons stake sale announcement
As per the announcement made on Monday (March 18), Tata Sons is planning to offload 2.34 crore shares worth Rs 9,362 at a floor price of Rs 4,001
A day after Tata Sons’ announcement of offloading a portion of its shareholding, shares of IT major TCS slipped 108.25 points, or 2.61 per cent at Rs 4,046.45 per equity share.
As per the announcement made on Monday (March 18), Tata Sons is planning to offload 2.34 crore shares worth Rs 9,362 at a floor price of Rs 4,001.
TCS is India’s second most-valued listed company at a market capitalisation of Rs 14.99 lakh crore only behind Mukesh Ambani owned Reliance Industries.
Total revenue of Tata Sons witnessed a 47 per cent rise to Rs 35,058 crore in FY 2023 as against Rs 24,132.97 crore in the previous year on a standalone basis.
With a growth of 28.89 per cent, the company’s profit witnessed a rise to Rs 22,132.38 crore from Rs 17,171.21 crore a year ago.
The income of Tata Sons is mainly from India’s largest software exporter.
In the last trading session, shares of TCS inched 3.46 per cent lower at Rs 4,144.75 on the BSE.
TCS hit the headlines last week after Spark Capital reported about the tech giant’s plans to get listed on exchanges by September 2025, after it has completed 3 years for being notified as an upper layer NBFC by the Reserve Bank of India (RBI).
In the month of March, this marks the second significant block deal following British American Tobacco’s (BAT’s) sale of a 3.5 per cent stake in ITC to raise Rs 17,485 crore.
