Shares of Tanla Platforms gained 15 per cent┬аamid a rising market today. Tanla Platforms stock gained 15.08 per cent to Rs 848 against the previous close of Rs 736.85 on BSE. Tanla Platforms stock opened higher at Rs 749.95. The stock is trading higher than the 5-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages.
In a week, the stock has risen 11.88%. However, in a year, the stock is down 45 per cent and lost 56.26 per cent in 2022. Total 1 lakh shares of the firm changed hands amounting to a turnover of Rs 8.15 crore on BSE. The market cap of the firm rose to Rs 11,182 crore.┬а
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. The firm reported a 19% fall in net profit to Rs 110.45 crore in Q2 against ┬аRs 136.17 crore in the corresponding quarter of the previous fiscal.
Sales rose 1.12% to Rs 851.04 crore in the September quarter against Rs 841.62 crore in the corresponding quarter of the previous fiscal. Earnings per share slipped 19.02% to Rs 8.13 in Q2 against ┬аRs 10.04 crore in the corresponding quarter of the previous fiscal.
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On a quarter-on-quarter basis, profit rose 10% from Rs 100.41 crore in Q1 of the current fiscal. Sales climbed 6.36% from Rs 800.14 crore in the June quarter of the current fiscal.
┬аAfter the firm announced its earnings on October 21 this year, HDFC Securities assigned a target price of Rs 1,000.
тАЬWe are building in margin recovery but expect it to be lower than the historical level. We cut our earnings per share estimate by 1.9/1.7% for FY23/24E due to a 30-basis points margin cut. We have a BUY rating with a target price of Rs 1,000, based on 22 times June-24E EPS, led by 15% revenue CAGR and RoE of 30%. The stock is trading at 22/18x FY23/24E EPS (30% lower than the five-year average), said HDFC Securities.
Tanla Solutions offers software products. The company offers application-to-person service (A2P) messaging platform globally.
Meanwhile, Sensex hit all time high of 62,616.26 and Nifty scaled new peak of 18,594.20 in the afternoon session. BPCL, Reliance, Hero MotoCorp, Asian Paints, Wipro were among the top gainers.
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