homemarket NewsThis Tata Group NBFC is having its best year since 2009 and is trading at a record high
This Tata Group NBFC is having its best year since 2009 and is trading at a record high
The stock is up 62 percent so far for the year, which is its best annual performance since 2009, during which the stock had gained over 120 percent. It has also delivered positive returns in seven out of the last eight years.
Shares of Tata Investment Corporation Ltd. gained as much as 7 percent on Thursday to hit a record high of Rs 3,522. This is the fifth day of gains for the stock during which it has gained 33 percent.
The stock is up 62 percent so far for the year, which is its best annual performance since 2009, during which the stock had gained over 120 percent. It has also delivered positive returns in seven out of the last eight years.
Shares of this Tata Group company are also trading on volumes that are 13 times higher than their 20-day average at this time of the day.
In response to a clarification sought by the BSE on a sudden rise in trading volume, the company on September 21 had replied that the management did not have any information or announcements to share with the stock exchanges which have a bearing on the price or volume behaviour of the scrip.
Tata Investment Corporation Limited (TICL) is a non-banking financial company and is primarily involved in investing in long-term investments such as equity shares and equity-related securities.
The Tata Group company also assists in the establishment of new ventures, and acts as an investment company with a diversified portfolio of investments.
Tata Investment Corporation was promoted by Tata Sons Pvt Ltd in 1937, under the name The Investment Corporation of India Limited.
Besides Tata Sons, which owns a 68.5 percent stake in the company, other Tata Group companies that own stake in Tata Investment include Tata Power (1.57 percent), Tata Chemicals (0.87 percent), Tata Steel (0.45 percent) and Tata Consumer (0.29 percent). Trent also has a negligible stake in the company as per the June quarter shareholding pattern.
Shares of Tata Investment are currently trading 4.4 percent higher at Rs 3,414.15.
(Edited by : Hormaz Fatakia)
First Published: Sept 28, 2023 11:10 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
PM Modi visits Ram Mandir for first time since 'Pran Pratishtha', offers prayers before roadshow
May 5, 2024 8:59 PM
Visiting temples, obliging selfie requests, jabbing rivals – Kangana Ranaut is wooing voters on campaign trail
May 5, 2024 8:23 PM