Tata Group financial shares rally to record high, up 30% in 2 weeks

Shares of Tata Investment Corporation Ltd jumped in Tuesday’s trading session to a record high of 2,096 each by rallying more than 6% intraday on BSE. The stock has been in an uptrend for the past few sessions as it has risen over 30% in the past two weeks.

Promoted by Tata Sons, Tata Investment Corporation Limited (TICL) is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI). Previously named The Investment Corporation of India, the company is primarily involved in investing in long-term investments such as stocks and stock-related securities. Tata Group shares are up more than 62% over a one-year period.

For the first quarter ended June 2022 or Q1 FY23, Tata Investment Corporation reported a 66.5% increase in consolidated net profit to 89.7 crores, thanks to higher dividend income. The company had generated a consolidated profit after tax of 59.8 crores in the same quarter of the prior year.

Its total operating revenue during the quarter under review amounted to 102 crore compared to 62 crore in the period a year ago. The company’s dividend income was 74 crore against 41 crore in the corresponding period a year ago.

The Company’s activities consist primarily of investing in long-term investments in equities, debt securities, both listed and unlisted, and equity-related securities of companies across a wide range of industries. The company’s main sources of income consist of dividends, interest and profits on the sale of investments.

TICL co-promoted TATA Asset Management Company Ltd with TATA Sons Ltd. in 1994. TATA Sons owns 68% while TICL owns 32% of TATA AMC Ltd. Tata Asset Management (TAM) is one of India’s premier private sector fund management companies. sector. The principal activity of the company is to act as an investment manager for Tata Mutual Funds. Tata Sons is the principal investment holding company and promoter of Tata companies.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.

Post your comment

Comments are closed.