Tata Investment slides on profit booking

Tata Investment Corporation declined 4.11% to Rs 2,580 as the counter witnessed some bit of profit booking after advacning in the past six sessions.

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

The stock had outperformed the market over the past one month, surging 78.4% compared with 1.02% decline in the Sensex.

The scrip outperformed the market in past one quarter, jumping 96.87% compared with 15.32% rise in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 87.497. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when 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-banking financial company, engaged in 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.

Tata Investment Corporation's consolidated net profit jumped 67.05% to Rs 89.94 crore on 64.70% increase in total income to Rs 102.08 crore in Q1 June 2022 over Q1 June 2021.

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