Tata Motors block cruises by as Fed decides

Tata Steel is the first Asian company to complete an equity trade after the decision not to raise US interest rates.

Tata Steel capitalised on the Federal Reserve’s overnight decision to keep US interest rates unchanged by bringing to market a Rs25 billion $376 million block trade of Tata Motors shares before the market opened on Friday.

Within three hours of the Fed announcement, Tata Steel made its move to cash in on some of its non-core assets by launching an accelerated bookbuild of Tata Motor shares in two tranches.

India is seen as vulnerable to any US rate rise because of the potential for portfolio capital outflows from emerging markets as investors reallocate funds to US markets. So Fed chairwoman Janet Yellen’s no-hike decision gave Indian...

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