Tanla Platforms shares jump 8% on anti-phishing platform announcement; what’s next: Rs 580 or Rs 700?
Shares of Tanla Platforms rose sharply on Thursday after announcing that the company would launch its anti-phishing technology platform — Wisely ATP — at the Mobile World Congress (MWC) in Barcelona, Spain, on February 27, 2023. Wisely ATP is a global, first-of-its-kind proprietary anti-phishing platform to protect citizens, trusted brands and digital economy, the company said.
The stock surged 8.44 per cent to settle at Rs 655.05 over its previous close of Rs 604.05. At today’s closing price of Rs 655.05, Tanla Platforms traded 12.01 per cent higher from its 52-week low of Rs 584.80, hit on July 27 last year. Yet, the counter has lost 62.33 per cent from its one-year high level of Rs 1,738.80, touched on February 16, 2022.
The company, in an exchange filing, stated, “TRAI, the Indian Telecom Regulator has approved to set up the regulatory sandbox for this platform. Guided by TRAI, the deployment of the sandbox has been completed and the validation of impact is in process. In parallel, the platform has received strong resonance with the entire ecosystem. We are in advanced discussions with 3 major banks in India to launch a Proof of Concept (PoC).”
On the earnings front, the company’s profit dropped 26.26 per cent to Rs 116.51 crore in the December quarter (Q3 FY23) against Rs 158 crore in the same period a year ago. Total expenses rose 5.37 per cent year-on-year (YoY) to Rs 730.69 crore in Q3 FY23.
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, “Tanla Platforms has been in a corrective phase for quite some time and lacks traction. Also, the stock is placed below all its major moving averages on the daily chart, signifying inherent weakness. Currently, the stock lingers in the oversold territory near its previous swing low of Rs 600-580 and any breakdown could trigger a further plunge in the counter. On the contrary, the intermediate resistance is placed around the bullish gap of the Rs 687-695-odd zone, followed by the sturdy wall of Rs 780-800 in the near term.
AR Ramachandran from Tips2trades said, “Tanla Platforms stock price looks bullish and a close above Rs 634 could lead to targets of Rs 698-736 in the coming days. Support will be at Rs 615.”
The stock traded higher than 5-day and 20-day moving averages but lower than 50-day, 100- and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 51.02. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 44.02.
Tanla Platforms has an average target price of Rs 1,262.33, Trendlyne data showed, suggesting a potential upside of 93.37 per cent. The scrip has a one-year beta of 1.37, indicating high volatility.
The company (formerly Known as Tanla Solutions) offers an application-to-person service (A2P) messaging platform globally. Its range of services includes product development and implementation in the wireless telephony industry, aggregator services and offshore development services. Its segments include Mobile VAS & Software Development, and Property Development.
Meanwhile, Indian equity benchmarks settled with mild gains today as losses in banks and financials countered gains in technology and metal stocks. The 30-share BSE Sensex pack rose 44 points or 0.07 per cent to settle at 61,320; while the broader NSE Nifty index moved 20 points or 0.11 per cent higher to finish at 18,036.
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