Shares of Tata Investment Corporation have more than doubled in nearly three months. The stock hit a fresh all-time high today despite a correction in the broader market. Tata Investment Corporation stock rose 19.73 per cent intraday to a fresh high of Rs 2,618.2 today against the previous close of Rs 2,186.75 on BSE. It had hit a 52-week low of Rs 1,218 on June 6, 2022, translating into returns of 115 per cent in over three months.
The share of Tata Group’s NBFC arm has zoomed 47 per cent in the last five sessions. The stock of Tata Investment Corporation is trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. In a year, the stock has risen 100 per cent and gained 88 per cent in 2022.
ALSO READ: After 100% rise in a year, brokerages see more upside in this Jhunjhunwala portfolio stock
The mid cap stock has zoomed 70 per cent in a month. Total 2.74 lakh shares of the firm changed hands amounting to a turnover of Rs 66.69 crore on BSE. Market cap of the firm rose to Rs 12,817 crore on BSE. Earlier, shares of Tata Investment Corporation opened lower at Rs 2,151 on BSE.
In Q1 of the current fiscal, net profit zoomed 67.05 per cent to Rs 89.94 crore against a profit of Rs 53.84 crore in the corresponding quarter of the previous fiscal. Sales zoomed 64.73 per cent to Rs 101.97 crore in the June quarter against Rs 61.90 crore in the June quarter of last fiscal. Profit before tax climbed 70.19 per cent YoY to Rs 97.28 crore in Q1 June 2022. Total expense climbed 88.4 per cent YoY to Rs 11.17 crore in Q1 June 2022.
ALSO READ: Air India to induct 30 new aircraft over the next 15 months
On a quarter-on-quarter basis, the firm reported a 346.57 per cent rise in net profit from Rs 20.14 crore in the March quarter. Sales zoomed 96.32 per cent from Rs 51.94 crore in Q4 of the previous fiscal.
Tata Investment Corporation Limited is an investment company. The company is engaged in the business of investment in listed and unlisted equity shares, debt instruments, and mutual funds companies in a wide range of industries. It invests in a portfolio of quoted and unquoted securities of companies, including Tata Companies, which are engaged in various businesses. Its primary sources of income consist of dividends, interest, and gains on the sale of long-term investments.
ALSO READ: iPhone made by Tata Group in India? It may happen soon
The company also invests in units of mutual funds, bonds, and venture capital funds. The company’s subsidiaries include Simto Investment Company Limited, Tata Asset Management Limited, Tata Trustee Company Limited, and Amalgamated Plantations Private Limited.
