Rekha Jhunjhunwala experienced a significant boost in her wealth today, as Tata Motors’ shares surged up early on Friday morning.
Shares of the auto giant surged close to 3% to hit an intraday high of ₹947.40. The stock is upbeat today as media reports suggested that the company might be looking at a potential spinoff of its battery business Agratas Energy Storage Solutions.
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As per the report, the change would enable its battery business to raise funds and eventually go public. A potential listing could value Agratas between $5 billion to $10 billion, contingent on the growth trajectory and market sentiment.
Now coming back to the money. Jhunjhunwala holds a 1.6% stake in Tata Motors, which amounts to 53,256,000 shares. The stock’s previous close was at ₹920.55, valuing her holdings at ₹4,902.4 crore. However, with the stock hitting an all-time high of ₹947.40 today, the value of her stake rose to ₹5,045.4 crore.
Price Action: Tata Motors’ share price was up 2.51% to trade at ₹943.70 shortly after market open on Friday.
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