Tata Capital shares surge in unlisted markets; valued as the 3rd biggest NBFC after Bajaj Twins
₹400 to ₹425 in the unlisted market, a report by Economic Times stated. The company, now valued at ₹1.5 lakh crore on the platform for unlisted stocks, is the third biggest non-bank lender by market capitalisation - just after the Bajaj twins, it highlighted. Bajaj Finance currently has a market capitalisation of ₹4.47 lakh crore, whereas Bajaj Finserv and Jio Financial Services command market capitalisations of ₹2.53 lakh crore and ₹1.37 lakh crore, respectively, added ET report.
Market experts believe that the strong demand for Tata Capital shares to the performance of the IPO-bound Tata Technologies, in the unlisted market, said the Market Daily. Tata Technologies is trading at a premium of ₹300 a share compared with its anticipated issue price. "Tata Capital shares are currently traded privately at ₹400-425 apiece.
The stock, which started trading five months back, hit a record high of ₹500 in August. This optimism is driven by the expectation of a listing occurring in the next 12-18 months at a substantial premium," Narottam Dharawat of Mumbai-based Dharawat Securities told ET. As per the market participants, the stock is traded nearly nine times the book value per share and is expensive in the sector, it noted.
"The stock is trading at a premium compared to its industry peers, and investors should exercise caution at these price levels. Considering the recent rights issue announcement at ₹162 per share, investors should be mindful of the current substantial premium," said Sambhav Aggarwal, director of Shri Parasram Holdings, a Delhi-based firm that deals in listed and unlisted shares. In September 2022, the Reserve Bank of India (RBI) had classified both Tata Capital and parent Tata Sons Ltd among the 16
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