Tata Investment Corp jumps after board OKs buyback

Tata Investment Corporation rose 5.42% to Rs 867.70 at 10:35 IST on BSE after the company said its board approved a proposal to buyback upto 45 lakh equity shares of the company at Rs 1,000 per share.

The announcement was made after market hours on Friday, 16 November 2018.

Meanwhile, the S&P BSE Sensex was up 74.41 points, or 0.21% to 35,531.57.

On the BSE, 44,000 shares were traded in the counter so far compared with average daily volumes of 17,000 shares in the past two weeks. The stock had hit a high of Rs 890 and a low of Rs 860.30 so far during the day. The stock hit a record high of Rs 955 on 10 January 2018. The stock hit a 52-week low of Rs 654 on 26 October 2018.

Tata Investment Corporation announced that its board approved a proposal to buyback upto 45 lakh equity shares of the company for an aggregate amount not exceeding Rs 450 crore, being 8.17% of the total paid-up equity share capital, at Rs 1,000 per share.

As on 9 November 2018, promoter companies held 72.98% stake in Tata Investment Corporation.

Net profit of Tata Investment Corporation rose 26.40% to Rs 91.30 crore on 22.07% rise in total income to Rs 100.60 crore in Q2 September 2018 over Q2 September 2017.

Tata Investment Corporation, a non-banking financial company, is primarily involved in investing in long-term investments such as equity shares and equity-related securities.

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