MUMBAI: Tata Group chairman Ratan Tata has hiked his stake in the group's flagship automobile firm Tata Motors
by 4.25 lakh shares, taking his aggregate holding to 0.05%. Tata bought
the shares on June 14, through open market operations on NSE, and paid
nearly Rs 10 crore, at an average price of nearly Rs 234 per share, the
company disclosed to the exchanges on Friday.
After the announcement during market hours, Tata Motors stock surged and closed 5.8% higher at Rs 240 on BSE. Compared to its gains, the sensex closed 1.6% higher. A spokesperson for Tata Sons, the main holding company for the group, told an agency that Tata had bought these shares in his personal capacity.
In the market parlance, an open period is the phase during which top company officials, who qualify as company insiders, can buy and sell stocks of the firm and then disclose the same to the public through announcements on the bourses where the company is listed. For example, two weeks leading to a company's quarterly and annual results are not open periods, and during this period the company insiders can not buy or sell shares of the company.
After the announcement during market hours, Tata Motors stock surged and closed 5.8% higher at Rs 240 on BSE. Compared to its gains, the sensex closed 1.6% higher. A spokesperson for Tata Sons, the main holding company for the group, told an agency that Tata had bought these shares in his personal capacity.
In the market parlance, an open period is the phase during which top company officials, who qualify as company insiders, can buy and sell stocks of the firm and then disclose the same to the public through announcements on the bourses where the company is listed. For example, two weeks leading to a company's quarterly and annual results are not open periods, and during this period the company insiders can not buy or sell shares of the company.
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