The Shapurji Pallonji Group unexpectedly announced the end of its seven-decade-old partnership with the Tata Group. Shares of Shapurji Pallonji Group, Sterling & Wilson Solar Limited and Forbes & Company Limited jumped sharply on Wednesday. Sterling and Wilson Solar Ltd. saw circuits above 20 percent. This is the biggest gain in a single day since August 2019. At the same time, shares of Forbes and Company Limited have taken the top five per cent circuit.
The Shapurji Pallonji Group has decided to end its partnership after the Tata Group filed a statement in the Supreme Court on Tuesday. In the Supreme Court, the Tata Group said it was ready to buy the Mistry family shares in the Tata Sons at the current market price. As of June 30, the Shapurji Palanji Group has a 50..6% stake in Sterling and Wilson and a .62.6% stake in Forbes.
The cashless Shapurji Pallonji Group plans to raise money by becoming a partner of Tata Sons. It is estimated to be worth around Rs 1.5 trillion which it wants to use to pay off debt. Tata Group is blocking the move by Shapurji Group. The Mint report said the Tata group has the right not to fall into the wrong hands (hostile investors for the company) and to threaten to take control of the company.
Shapurji Pallanji Group includes Palonji Mistry. Shares of Sterling & Wilson Solar Ltd traded up 335.55 or 19.62 per cent at Rs 235 at 11:39 am today. Similarly, at 11:41 pm on the BSE, the share price of Forbes & Company Limited is 70. Rs5, an increase of five per cent.
These pension schemes are great support for old age, know which is best for you