Tata Investment Corporation Ltd.'s shares increased 1.61 percent on Tuesday to close at Rs 7,188.40, the day's high. The stock has increased by 48.74 percent at this price during the last month. Seen in a larger context, the multi-bagger scrip has increased by around 196% in the previous six months and 259% in the last year.
The company's third-quarter consolidated net profit (Q3 FY24) increased by 54.19 percent to Rs 53.24 crore from Rs 34.53 crore in the previous fiscal year. Revenue from operations increased 34.23 percent to Rs 50.55 crore during the reviewed quarter, from Rs 37.66 crore in Q3 FY23.
Technical help at the counter was observed to be at Rs 6,700. Resistance on the higher end might be seen around the vicinity of Rs 7,300.
Anand Rathi Shares and Stock Brokers' senior manager of technical research analyst, Jigar S. Patel, stated: "Rs 6,700 and Rs 7,300 will be the resistance and support levels, respectively. A strong closing over Rs 7,300 might lead to more gains up to Rs 7,500. For a month, the anticipated trading range is between Rs 6,500 and Rs 7,500."
"Tata Investment is bullish but also very overbought on daily charts with next resistance at Rs 7,663," stated AR Ramachandran of Tips2trades. Investors should take gains now as a daily closure below the support level of Rs. 6,700 might eventually lead to a goal of Rs. 5,740."
According to founder of DRS Finvest Ravi Singh, "The stock appeared strong on daily charts." It might reach a maximum of Rs 7,300. Maintain a stop loss of Rs. 7,050."
Tata Investment securities are now covered by the long-term ASM (Additional Surveillance Measure) framework, thanks to the BSE and NSE exchanges. Exchanges warn investors of significant share price volatility by placing equities in either short-term or long-term ASM frameworks.
Tata Investment, a non-banking financial company (NBFC) established with the Reserve Bank of India (RBI), is promoted by Tata Sons. The organization, which was formerly known as The Investment Corporation of India, focuses mostly on long-term investments such as equity shares and instruments tied to equities. Promoters owned 73.38 percent of the firm as of December 2023.
The Tata Group company also makes investments in bonds, venture capital funds, and mutual fund units. Amalgamated Plantations, Tata Asset Management, Simto Investment Company, and Tata Trustee Company are some of its subsidiaries.
