Shares of Tanla Platforms fell on Thursday, extending their losing run to 6 per cent in two straight sessions. The fall was largely in line with the weak market sentiment. The stock settled the day 2.91 per cent lower at Rs 707.80 over its previous close of Rs 729.05.
A total of 76,000 shares changed hands. The turnover on the counter stood at Rs 5.38 crore on BSE. The company commanded a market capitalisation of Rs 9,610.47 crore. On NSE, 2,35,274 shares changed hands with a turnover of Rs 167.40 crore.
Brokerage Geojit Financial Services has a target price of Rs 920 on the counter for 12 months period, suggesting a potential upside of 23 per cent. On technical charts, however, the cloud-based communication provider’s stock is suggesting a mixed trend.
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Manoj Dalmia, Founder and Director, Proficient Equities, said, “This stock is currently in a consolidation phase, and there is no clear trend, therefore investors should avoid fresh buying for now.”
A R Ramachandran from Tips2trades, said a strong sell-off in frontline IT stocks continued which had a rub-off effect on mid- and small-cap IT stocks, like Tanla platforms. The stock could trade in a range of Rs 703-685 over the near term, breaching which (on the upside) a strong resistance could be faced at Rs 761, he added.
At today’s closing level of Rs 707.80, the stock has gained 21.03 per cent compared to its July low of Rs 536.70. That said, the stock has dropped 66.21 per cent from its one-year high level of Rs 2,094.40, hit in January this year. Further, it has dropped 5.78 per cent in two days against a close of Rs 751.25 on Tuesday.
The scrip has moved 5.37 per cent lower in the previous five sessions. On a year-to-date (YTD) basis, it has lost 61.50 per cent.
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Meanwhile, Indian equity benchmarks settled lower today, dragged by banking, automobile, metal and energy stocks.