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Tuesday, February 10, 2009

The promoters of five Tata Group firms including Tata Steel, Indian Hotels and Tata Coffee have pledged nearly 111 crore shares, representing a signif

The promoters of five Tata Group firms including Tata Steel, Indian Hotels and Tata Coffee have pledged nearly 111 crore shares, representing a significant part of their holdings, in each firm with lenders.

In aggregate, the value of the total shares of the five Tata Group companies pledged by the promoters has been estimated to be close to Rs 7,000 crore as per yesterday's closing price of the various firms.

Analysts believe the recent cross-border and multi-billion dollar acquisitions by the Tata Group have led the conglomerate to raise funds through several routes including pledging shares.

"(The) Tata Group, which was in an acquisition and expansion mode during the bull phase, had resorted to various means of raising funds that include pledging shares," Ashika Stock Brokers research head Paras Bothra said.

There is no surprise element in such share pledging as the Group is extremely leveraged and its businesses are cyclical in nature, Bothra added.

Indian Hotels Company today said one of its promoters, Tata Sons, has pledged 2.50 crore shares representing a 3.46 per cent stake in the company, according to a disclosure filed to the Bombay Stock Exchange

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jul 17
18:00 Initial Jobless Claims 2 221K 235K 228K Revised from 227K
18:00 Retail Sales (MoM) 3 0.6% 0.1% -0.9%
18:00 Retail Sales Control Group 3 0.5% 0.2% Revised from 0.4%
18:00 Retail Sales ex Autos (MoM) 2 0.5% 0.3% -0.3%
18:00 Retail Sales (YoY) 1 3.9% 3.3%
19:30 Fed's Kugler speech 2
19:30 Business Inventories 1 0% 0%
19:30 NAHB Housing Market Index 1 33 32
20:00 EIA Natural Gas Storage Change 1 44B 53B
21:00 4-Week Bill Auction 1 4.235%
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