Shares of Forbes & Company, the only listed company of Shapoorji Pallonji group, Thursday surged about 9 percent in early morning trade -- a day after the group's MD Cyrus Mistry was named as the next Tata group chief.
Mumbai: Shares of Forbes & Company, the only listed company of Shapoorji Pallonji group, Thursday surged about 9 percent in early morning trade -- a day after the group's MD Cyrus Mistry was named as the next Tata group chief.
The shares rose to as high as Rs 435 immediately after the markets commenced this morning, marking a surge of 8.9 percent from its previous close.
After paring some gains, the stock was trading with a gain of 6.13 percent at Rs 424.
Forbes & Co is part of the multi-billion dollar Shapoorji Pallonji (SP) Group, whose Managing Director Cyrus Mistry was yesterday named as the successor to Ratan Tata as head of the salt-to-software conglomerate Tata group.
Cyrus Mistry has said that he would disassociate himself from his various family businesses in the wake of his new role at Tata Sons, where he has been a director since 2006.
For now, 43-year-old Cyrus Mistry has been named Deputy Chairman of Tata Sons, the holding company of Tata group, and would become Chairman after Ratan Tata retires in December 2012.
Cyrus Mistry's elder brother Shapoor Mistry is Chairman of Forbes & Co, the only listed company from the SP group.
The 147-year-old SP group holds over 72 percent stake in Forbes & Co and also happens to be the single largest shareholder in Tata Sons. Besides, it holds stake in various other Tata group firms also.
The group has over 23,000 employees and a turnover of USD 2.5 billion, with presence across real estate, construction, infrastructure, agriculture, consumer products, textiles, engineering, shipping and logistics businesses.
Besides India, it is also present in overseas markets including the Middle East and Africa.
Forbes & Co is present in businesses like engineering, shipping, logistics and transaction management services like currency counting machines, ATMs and electronic stamping.