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Tata Tech is a pure-play manufacturing-focused engineering research and development, primarily focused on the automotive industry. The company's issue was lapped up by investors with overwhelming interest. The scrip jumped 180% on debut, ranking it among the best listings seen in the last two years.
Tata Group remained India's largest business conglomerate in market capitalisation in calendar year 2023 while the Mukesh Ambani camp raced ahead of the Adani businesses to become the second-largest. The Tata companies ended 2023 with a combined group market capitalisation of Rs 28.68 trillion, up 35 per cent from the Rs 21.2 trillion at the end of December 2022. Ambani's group mcap is Rs 19.42 trillion at the end of CY23, up 10.7 per cent from the Rs 17.6 trillion a year ago.
This means investors, mainly promoters and institutional investors, have seen an overall appreciation of Rs 430,000 crore in their wealth from these IPOs.
54 companies will have their shareholder lock-ins worth $13.52 billion lifted, leading to a series of block deals.
The rally in the equity markets in the second half of 2023 has led to a sharp surge in the cutoff for stocks to qualify as largecaps and midcaps. On the latest list put out by the Association of Mutual Funds in India (Amfi), the smallest largecap stock now has a market capitalisation (m-cap) of Rs 67,000 crore, 35 per cent higher than in July 2023. In the case of midcaps, the cutoff has surged 26 per cent to Rs 22,000 crore.