Tanla Platforms rebounds 11% from day's low; stock zooms 98% in one month

In the past 10 trading days, the market price of Tanla Platforms has soared 58 per cent after the company said its stock has been included in MSCI India Domestic Small Cap index

Shares of Tanla Platforms were up 5 per cent at Rs 556, bouncing back 11 per cent from the day's low on the BSE on Wednesday, on the back of heavy volumes. The stock of the cloud communication service provider got locked in the lower circuit of 5 per cent to Rs 503 in intra-day trade today. In the past one month, the stock has zoomed 98 per cent, as compared to an 8-per cent rise in the S&P BSE Sensex.

At 02:31 pm, Tanla Platforms was trading 3.4 per cent higher at Rs 548 as compared to 1.2 per cent decline in the S&P BSE Sensex. In the past seven days, it has rallied 41 per cent after overseas private equity (PE) players bought more than 9 per cent stake in the company via block deals.

On November 17, 2020, Banyan Investments sold 15 million equity shares, representing 11 per cent of total equity capital of Tanla Platforms, for Rs 587 crore. Banyan, which held 16.7 per cent stake in the company, sold these shares at price of Rs 391.30 via block deal on the BSE, the exchange data shows.

Moreover, American Funds Insurance Series A/c International Fund purchased 8.6 million shares or 6.32 per cent stake, while Amansa Investments has acquired 4.08 million shares of 3 per cent stake in Tanla Platforms at price of Rs 391.30 per share. Besides, Mobile Techsol Private Limited, the promoter group, has also increased its stake by buying 1.71 million shares or 1.25 per cent stake in the company.

Since November 12, i.e. in 10 trading days, the market price of Tanla Platforms has soared 58 per cent after the company said its stock has been included in MSCI India Domestic Small Cap index.

The company recently said it had recorded best-ever quarter driven by Communications Platform as a Service (CPaaS) and digital revenues. In September 2020 quarter (Q2FY21), the company reported a net profit of Rs 81.5 crore as against a net loss of Rs 47 crore in the corresponding quarter of the previous year. The company's revenue stood at Rs 583 crore, registering an increase of 20 per cent year-on-year. Its EBITDA (earnings before interest, taxes, depreciation, and amortisation) jumped 210 per cent to Rs 97.5 crore while margin expanded to 16.7 per cent from 6.5 per cent in Q2FY20.