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Shapoorji Pallonji group firm Forbes & Company jumped 4.4 per cent at 11.30 a.m. to Rs 417 on the BSE after the group's Managing Director, Mr Cyrus Mistry, was named the successor to Tata Group Chairman, Mr Ratan Tata.
On the BSE, trading volumes jumped two-fold to 3,376 shares against its two-week average of 1,290.
The stock hit a high of Rs 435 and a low of Rs 416 so far during the day. The stock had hit a 52-week high of Rs 479.95 on January 3 and a 52-week low of Rs 360 on February 4.
Shapoorji Pallonji & Company Ltd holds 72.06 per cent stake in the company while Forbes Cambell Finance has a 1.29 per cent stake. Apart from promoters, FIIs hold 8.9 per cent stake while domestic institutions have exposure to the tune of 4.51 per cent in the company.
Tata Group's holding firm, Tata Sons named Cyrus Pallonji Mistry as the successor to Tata Group Chairman, Mr Ratan Tata.
Shapoorji Pallonji & Co holds an 18.5 per cent stake in Tata Sons, making it the single largest shareholder in the company. Mr Cyrus Mistry - the younger son of Pallonji Mistry - has been on the Tata Sons board since August 2006.
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