Tata Sons sold 234 lakh shares of TCS, got so many thousand crore rupees

Business News: Tata Sons has sold shares worth Rs 9,300 crore of Tata Consultancy Services (TCS), a major company in the information technology (IT) sector, in the open market. This information was given to the stock markets on Thursday. According to the information, Tata Sons has sold 234 lakh shares equivalent to 0.65 percent stake of TCS on March 19. Based on the closing price of TCS shares on March 19 at Rs 3,977.55, this sale works out to Rs 9,307.46 crore.

Tata Sons started selling 2.34 crore shares at the floor price of Rs 4,001 under bulk sale. This price is 3.65 percent less than the closing price of Rs 4,144.75 of the company's shares on Monday. As of December 2023, promoters and promoter group entities held 72.41 percent stake in TCS. Of this, 72.38 percent stake was with Tata Sons.

Fine of Rs 103.63 crore imposed on Tata Chemicals

The Income Tax Department has imposed a fine of Rs 103.63 crore on Tata Chemicals for violation of rules related to disallowance of interest. Tata Chemicals said in a filing to the stock exchanges on Thursday that it has received an order from the National Faceless Assessment Center of the Income Tax Department for disallowance of interest under section 36(1) of the Income Tax Act under section 270A(3). ) A fine of Rs 103.63 crore has been imposed. The Tata group company said that based on the merits of the case, prevailing law and counsel's advice, it plans to appeal against this order before the National Faceless Appeal Center (Appellate Authority). The company said it expects a favorable order from the appellee authorities.