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Promoters of three more Tata group companies, including Tata Communications, today disclosed their share pledging details, taking the total Financial crisis Formula for successful biz India Inc on crossroads amount raised by promoters of the nine firms to nearly Rs 10,000 crore, for meeting the group’s long-term fund requirements.

In aggregate, the value of the 123 crore shares pledged by the promoters has been estimated to be about Rs 10,000 crore as per today’s closing price of the nine firms — Tata Communications, Tata Tea, Tata Chemicals, Tata Motors, Tata Coffee, Tata Steel, Tata Power, Tata Teleservices (Mah) and Indian Hotels.

Yesterday, six Tata group firms had revealed their share pledging details.

Meanwhile, the group’s holding entity Tata Sons had yesterday said: “It (share pledging) is not a new practice; it has been existing since the age of joint stock companies. It has been done primarily for long-term funding requirements of Tata Sons.”

Tata Communications today said two of its promoters, Tata Sons and Pantone Finvest, have pledged three crore shares, representing a 10.53 per cent stake in the company.

Estimated at today’s average market price, the shares pledged would have fetched Tata Sons over Rs 1,329.65 crore.

Meanwhile, Tata Tea said its main promoter Tata Sons has pledged 70 lakh shares, representing 11.32 per cent stake in the company with lenders.

Calculated on the basis of the current market price of Tata Tea scrip, the pledging would have fetched the promoters over Rs 389 crore.

Source: Economic times

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Indian markets were on a winning streak as they ended in green back on positive points from global markets on wednesday, National Stock Exchange’s 50-share Nifty closed the day 0.69 per cent higher at 2803. Intraday, it touched a high of 2842.20 and low of 2780.70.

Nifty February futures provisionally ended at a widening discount of 28 points against 19 points on Tuesday. The contract price gained 0.39 per cent and open interest added 16 lakh shares. The sell quantity was nearly 1.5 times that of buy. This indicates build up of short positions in the contract at higher levels.

Reliance Industries February futures slipped 0.25 per cent while open interest added 1.94 lakh shares. The contract was provisionally ended at a discount of Rs 11, indicating modest short build up. State Bank of India February contract has also attracted modest short positions.

While DLF futures jumped 6.28 per cent, Educomp gained 2.84 per cent and Bharati Airtel rose 1.48 per cent. L&T fell 0.47 per cent while OI added 2.2 lakh
shares. ICICI Bank dropped 1 per cent adding 4.42 lakh shares in OI.

Source: Economic times

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Last month in January FIIs were Sellers to the tune of $ 3 billion, whereas in the year 2007 they had net investments of $ 17.23 billion.  Majority of the selling happened during the recent market crash between 16th Jan to 24th Jan, they sold $ 3.65 billion worth of shares. February seems to be better compared to January,  as per SEBI data for 4th feb they were net buyers of $ 944 million. 

We feel the major sell-off has already happened and the market has already seen its bottom.  The market is likely to remain volatile but unlikely to go below the January low.  Investors should buy at every fall but stay patient as the market will remain volatile for few more months.

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