Tata Tech sees block deal worth Rs 1,200 crore, stock up 4%
Shares of Tata Technologies today surged 4.5% to its day’s high of Rs 1,054 on BSE after the company reportedly saw a block deal worth Rs 1,218 crore, representing 2.9% of the company's total equity.
Nearly 1.2 crore shares changed hands at an average price of Rs 1,019.8 per share, according to reports.
According to sources, Alpha Tc Holdings sold its entire stake of approximately 75 lakh shares in Tata Technologies during the deal. Domestic funds and prominent High Net Worth Individuals (HNIs) were among the key buyers.
However, official buyers and sellers in the transaction are not yet known.
Since its listing, Tata Technologies has maintained a strong presence in the market. Although the stock has experienced some fluctuations, it remains significantly higher than its issue price, reflecting investor confidence in the company’s future prospects.
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The stock is up by nearly 105% from its issue price. However, it is still 14% below its listing price, showing some correction from its initial surge.
Tata Technologies is a subsidiary of Tata Motors, which made headlines with its highly successful IPO in 2023. The company debuted on the stock market at a 140% premium to its issue price of Rs 500, with its listing price at Rs 1,200 per share. This remarkable start made Tata Technologies one of the standout listings of the year.
Technically, the stock is performing above its 20 and 50 day exponential moving average but is below
