Tata Investment slips on profit booking

Tata Investment Corporation fell 4.11% to Rs 2,580 as the meter saw some profit bookings after advancing in the past six sessions.

In six trading sessions, the stock had gained 51% to end at Rs 2,690.60 yesterday, compared to its recent closing low of Rs 1,781.70 recorded on September 7, 2022.

The stock has outperformed the market over the past month, jumping 78.4% against a 1.02% decline for the Sensex.

The scrip outperformed the market in the last quarter, jumping 96.87% against a 15.32% rise for the Sensex.

Technically, the stock’s RSI (Relative Strength Index) was 87.497. The RSI fluctuates between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30.

The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1,593.61, 1,507.59 and 1,461.46, respectively.

Tata Investment Corporation is a non-bank financial company, engaged 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.

Consolidated net profit of Tata Investment Corporation jumped by 67.05% to Rs 89.94 crore on a 64.70% increase in total revenue to Rs 102.08 crore in Q1 June 2022 compared to Q1 June 2021.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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