Shares of Tanla Platforms gained 11 per cent today after board of the firm fixed the record date for the purpose of determining the entitlement and names of shareholders, who will be eligible to participate in the proposed buyback. On September 8, 2022, the board of the firm approved buyback of shares at a price of Rs 1,200. Tanla Platforms stock gained 11.17 per cent to Rs 871.17 against the previous close of Rs 784.10 on BSE.
Tanla Platforms stock opened higher at Rs 795. The stock is trading higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
Share Market News Today: Indices fall sharply; Wipro, Adani Ports, SBI Life among top drags
In a year, the stock is down 8.66 per cent and lost 55.52 per cent in 2022. Total 2.16 lakh shares of the firm changed hands amounting to a turnover of Rs 18.25 crore on BSE. The market cap of the firm rose to Rs 11,357 crore.
The stock hit its 52-week high of Rs 2094.40 on January 17, 2022 and a 52-week low of Rs 584.80 on July 27, 2022. Board of the firm proposed a buyback of not exceeding 14,16,666 fully paid-up equity shares of face value of Rs 1/- each (the Equity Shares) of Tanla Platforms on October 12,2022.
“We wish to inform you that the Buyback Committee of the Company, being duly authorized by the board of directors of the Company in this regard, has vide its resolution dated October 12, 2022 considered, fixed and approved Tuesday, October 25, 2022 as the Record Date for the purpose of determining the entitlement and names of shareholders, who will be eligible to participate in the proposed Buyback,” said the firm in a communication to bourses.
ALSO READ: Wipro shares give up Rs 400 mark post Q2 earnings, what should investors do?
The stock of the firm crashed 20 per cent on July 26, 2022 after it reported a 4 per cent fall in consolidated Q1 profit. Tanla Platforms reported a 3.90 per cent fall in Q1 net profit to Rs 100.41 crore against Rs 104.48 crore net profit in the corresponding quarter of the previous fiscal. However, sales rose 27.74 per cent to Rs 800.14 crore in Q1 against Rs 626.38 crore in the June 2021 quarter.
Earnings per share fell 3.91 per cent to Rs 7.38 in the last quarter against Rs 7.68 in the June 2021 quarter. Profit fell 28.59 per cent quarter on quarter (QoQ) from Rs 140.62 crore.
Tanla Solutions offers software products. The company offers application-to-person service (A2P) messaging platform globally.
