Tata Group firm Tata Industries today hiked its stake in two group firms Tata Motors and Tata Power, through open market transactions worth Rs 700 crore.

As per the block deal data available with the Bombay Stock Exchange (BSE), Tata Industries increased its holding in Tata Motors by an additional 0.92 per cent and in Tata Power by a further 0.71 per cent.

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According to the block deal data, Tata Industries bought 46,64,000 shares (or 0.92 per cent stake) of Tata Motors at a price of Rs 1,038.05 a piece, aggregating at Rs 484.14 crore.

In Tata Power, the entity acquired 17,00,000 shares at a price of Rs 1,270 per share, aggregating to Rs 215.90 crore.

After the latest deals, Tata Industries' holding in Tata Motors now stands at 2.7 per cent and in Tata Power at 2.49 per cent.

Tata Industries was set up by Tata Sons in 1945 as a managing agency for the businesses it promoted. Following the abolition of the managing agency system, Tata Industries' mandate was recast, in the early 1980s, to promote Tata's entry into new and high-tech businesses.

Shares of Tata Motors today closed at Rs 1,031.8 a scrip, down by 0.60 per cent on the BSE, while Tata Power closed with a gain of 0.19 per cent at Rs 1,272.45 per piece.

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