Boris Johnson's Brexit deal sets Tata Group and other stocks alight in India

• Britain and the European Union have agreed on the outline for a deal for the United Kingdom's exit from the monetary union.
• The deal will still need the approval of both the UK and European parliaments.
• A bunch of Indian stocks rallied on Thursday celebrating a possible deal that will end the uncertainty as they derive a big chunk of their business from the UK.

Britain and the European Union have agreed on the outline for a deal for the United Kingdom's exit from the monetary union. While Prime Minister Boris Johnson celebrated on Twitter, and the European Commission President Jean-Claude Juncker said it was a "fair and balanced agreement", the deal will still need the approval of both the UK and European parliaments.

Meanwhile, a bunch of Indian stocks rallied on Thursday celebrating a possible deal that will end the uncertainty as they derive a big chunk of their business from the UK. Three of those companies were from the Tata Group namely, Tata Consultancy Services (TCS), Tata Communications, and Tata Motors, which owns the UK-based Jaguar Land Rover brands of luxury cars.

There are now a record 842 Indian companies operating in the UK, with combined revenues of over £48 billion, according to a Grant Thornton report in April 2019. Only eight of those companies have an annual revenue of over £250 million.