Shares of Tata Investment Corporation soared 19% to hit a 52-week high of Rs 5,749.70 on the NSE on Tuesday after the company posted a 62% year-on-year (YoY) jump in its standalone net profit for the quarter ended December 31, 2023, at Rs 24.08 crore.
The non-banking financial company (NBFC) had reported a profit after tax (PAT) of Rs 14.85 crore in the year-ago period.
However, the standalone PAT was down 78% on a sequential basis versus Rs 113.24 crore reported in Q2FY24.
The company’s total revenue from operations stood at Rs 30.61 crore for the reported quarter which was up 24% from Rs 24.71 crore reported in the year-ago period. However, total revenue was down by 73% on a sequential basis versus Rs 113.71 crore in the September ended quarter.
The profit before tax (PBT) for the said quarter stood at Rs 25.39 crore versus Rs 104.93 crore in Q2FY24 and Rs 18.49 crore in Q3FY23.
Tata Investment shares have delivered multibagger returns of 173% over the last 12 months, outperforming the Nifty which has given an impressive 23% return during this period.
The stock is currently trading above its 50-day and 200-day simple moving averages (SMAs) and the recent rally has dragged the counter in strongly overbought zone with an MFI of 84 as suggested by Trendlyne data. Another momentum indicator RSI is hovering near the 72 mark. A number above 70 is considered as overbought while below 30 is oversold.
Despite a strong rally, the stock has displayed high stability. The 1-year beta which is a measure of a stock’s volatility stood at 0.3 according to Trendlyne. Anything below 1 is seen to be low volatility.
Today’s price movement marks the fourth successive session of gains with an over 30% uptick.
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