24, February, 2024
HomeTechnologyTata Technologies Skyrockets with a 180% Surge in Debut Trade, Valued Near $7 Billion

Tata Technologies Skyrockets with a 180% Surge in Debut Trade, Valued Near $7 Billion

Published on

Tata Technologies made an impressive debut in the trading arena, witnessing a remarkable 180% surge on Thursday. This surge catapulted the company’s valuation to nearly $7 billion, marking a significant milestone as the first Tata Group entity to go public in almost two decades.

Specializing in providing engineering and technology services to automotive, aerospace, and heavy machinery manufacturers, Tata Technologies exceeded expectations by surpassing its initial public offering (IPO) price of Rs 500. The stock soared to debut at Rs 1,200 and peaked at Rs 1,400.

Read Also | Tata Motors Surpasses Expectations with Q2 Results: PAT at Rs 3,764 Crore, Revenue Up 32%

Investors showed overwhelming interest in the IPO, with a subscription rate of 69.43 times, making it the most sought-after offering among a series of IPOs last week. The bids for the company reached an impressive Rs 1.56 trillion.

Notably, Tata Technologies emerged as one of the top 10 most active stocks on Thursday, with a substantial trading volume of 23.98 million shares by 10:08 a.m. IST.

The last Tata Group company to go public was IT services provider Tata Consultancy Services in 2004.

In the financial year ending March 31, 2023, Tata Technologies reported a substantial 43% increase in consolidated net profit, coupled with a commendable 25% growth in revenue. Notably, its revenue stream is significantly influenced by its top five clients, constituting 60.5% of the total revenue. These clients include parent company Tata Motors, Jaguar Land Rover from Britain, and VinFast from Vietnam.

Read Also | Tata Harrier and Safari 2023: Unveiling Exquisite Features and Launch Date

While Tata Technologies celebrated its successful debut, Tata Motors, one of its major clients, experienced a modest 1.6% decline in its share value during the same trading period.

Latest articles

‘Article 370’ – Yami Gautam Dhar’s Political Thriller Eyes a Rs. 5 Crore Opening

Yami Gautam Dhar, a prominent face in Bollywood, returns to the big screen with...

‘The Crew’: Kareena, Tabu, and Kriti Soar High in Bollywood’s Upcoming Comedy Delight

Get ready for a laughter-filled ride as Bollywood's leading ladies, Kareena Kapoor Khan, Tabu,...

Unveiling the Confirmed Cast for ‘The Boys’ Season 4

As excitement builds for the highly anticipated return of "The Boys" on June 13,...

More like this

Microsoft Introduces Generative Erase: An AI-Powered Photo Editing Marvel for Windows Users

Microsoft has unveiled Generative Erase, a groundbreaking AI-powered feature for the Photos app on...

Blue Origin’s New Glenn Rocket Makes Impressive Debut on Cape Canaveral Launchpad

Blue Origin, the space venture led by Jeff Bezos, recently unveiled its orbital-class New...

Enhance Your Online Reviews with Google Chrome’s New ‘Help Me Write’ AI Feature

In a notable development for Chrome users in the US, Google has rolled out...
Enable Notifications OK