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Business News/ Markets / Stock Markets/  Tata Group financial stock rallies 13%, hits fresh record high; shares up 36% in 5 days
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Tata Group financial stock rallies 13%, hits fresh record high; shares up 36% in 5 days

The Tata Group financial stock is up over 92% in a year's period.

Tata Investment shares rallied over 12%Premium
Tata Investment shares rallied over 12%

Shares of Tata Investment Corporation Ltd continued to rally by hitting record high for the second straight session Tuesday's trading session. The stock surged over 12% intraday to 2,463 apiece on the BSE. The stock has been in an uptrend since the past few sessions as it has risen more than 36% in the last five trading sessions.

Promoted by Tata Sons, Tata Investment Corporation Limited (TICL) is a non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI). Earlier named The Investment Corporation of India, the company is primarily involved in investing in long-term investments such as equity shares and equity-related securities. Tata Sons is the principal investment holding company and promoter of Tata companies. The Tata Group stock is up over 92% in a year's period, and has gained 74% in 2022 (YTD) so far.

The company’s activities comprises primarily of investing in long term investments in equity shares, debt instruments, listed and unlisted, and equity related securities of companies in a wide range of industries. The major sources of income of the company consist of dividend, interest and profit on sale of investments.

For the first quarter ended June 2022 or Q1 FY23, Tata Investment Corporation reported a 66.5% increase in consolidated net profit at 89.7 crore, driven by higher dividend income. The company had posted a consolidated profit after tax of 59.8 crore in the same quarter of the previous fiscal.

Its total revenue from operations during the quarter under review stood at 102 crore as compared to 62 crore in the year-ago period. The company's dividend income stood at 74 crore as against 41 crore in the corresponding period a year ago. The company, which is engaged in investment activities, said its total expenses in the first quarter stood at 11 crore as compared to 6 crore in the same period last fiscal.

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Published: 14 Sep 2022, 11:25 AM IST
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