Tata Group Shares Jump After Report Of Possible Tie-Up With Walmart
Tata Group of Companies Shares: At 10:59 am, TCS gained 2.7 per cent and Tata Steel rose 1.1 per cent.
Shares of Tata Group companies gained more than 1 per cent each in a directionless market on reports that Walmart Inc is in talks with Tata Group for a potential investment of up to $25 billion in the Indian salt-to-software conglomerate's proposed super app. The super app is scheduled to be launched in India in December or January. At 10:59 am, Tata Consultancy Services gained 2.7 per cent at Rs 2,491, Tata Steel gained 1.1 per cent at Rs 366.85 and Trent rose 1.3 per cent at Rs 674.60, on the BSE.
The super app may be a joint venture between Tata and Walmart, leveraging on the synergies between Tata's e-commerce business and Flipkart, Walmart's e-commerce unit, the reports added.
RIL's retail arm Reliance Retail has already received Rs 7,500 crore from Silver Lake and Rs 5,550 crore from KKR. Besides, Reliance Industries, controlled by Mukesh Ambani, raised over $20 billion from investors including Facebook, Alphabet's Google, KKR & Co and Silver Lake Partners by selling stakes in its digital business Jio Platforms.
The super app is expected to bring together Tata's consumer businesses, including watch and jewellery brand Titan and fashion retail chain Trent, under one channel.
The BSE Sensex was trading at 37,976.45, lower by 6 points and the NSE Nifty was at 11,231.85, up four points at the time.