scorecardresearchTata Investment Corp slips 6.4% after disappointing Q3 results

Tata Investment Corp slips 6.4% after disappointing Q3 results

Updated: 18 Jan 2023, 11:42 AM IST
TL;DR.
Tata Investment Corporation Ltd shares dropped 6.4% after reporting a 12.55% decline in consolidated profit after tax. The stock has grown 55% in the last 6 months, 48.66% in the past one year and 153% in the last 5 years.
During Wednesday’s trade, the stock opened at a price of Rs. 2,224.25 per share negatively against the previous close of Rs. 2,314.15 per share.

During Wednesday’s trade, the stock opened at a price of Rs. 2,224.25 per share negatively against the previous close of Rs. 2,314.15 per share.

Shares of Tata Investment Corporation Ltd slumped 6.4 percent on Wednesday, January 18, after the company reported a 12.55 percent decline in consolidated profit after tax at 34.74 crore for the third quarter that ended December 31, 2022.

The company had posted a consolidated profit after tax (PAT) of 39.73 crore in the same quarter last fiscal.

During Wednesday’s trade, the stock opened at a price of Rs. 2,224.25 per share against the previous close of Rs. 2,314.15 per share and dipped further in early trade to touch an intraday low of Rs. 2,165.10. It was trading at 2,220, down by 4.08 percent, at 10:50 a.m. on the NSE.

The stock touched a 52-week high of Rs. 2,883.40 on September 15, 2022, and a 52-week low of Rs. 1,215.95 on June 20, 2022, indicating that at the current level, the stock is trading over 82 percent above its 52-week low and 23 percent below its 52-week high.

The stock has grown over 55 percent in the last six months. In the past one year, it has given a positive return of nearly 48.66 percent. Furthermore, the stock has gained almost 153 percent in the last five years.

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Stock price chart of Tata Investment Corp

On Tuesday, the company informed through an official filing that its consolidated total income during the quarter under review stood at 37.69 crore as against 50.97 crore in the year-ago period.

The sales declined 26.11 percent to 37.66 crore in the quarter as against 50.97 crore during the quarter that ended December 2021.

The firm, which is a systemically important non-banking financial company and has no activities other than those of an investment entity, said its total expenses during the third quarter stood at 9.45 crore as compared to 6.01 crore in the same period of the last fiscal.

Tata Investment Corporation Ltd., established in 1937, is a mid-cap company with a market cap of 11,710.28 crore. The NBFC is promoted by Tata Sons.

The company is engaged in the business of investment in listed and unlisted equity shares, debt instruments, and mutual funds companies in a wide range of industries. The company’s subsidiaries include Simto Investment Company Limited, Tata Asset Management Limited, Tata Trustee Company Limited, and Amalgamated Plantations Private Limited.

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First Published: 18 Jan 2023, 11:42 AM IST