Tanla Solutions shares continued their upward movement, hitting an over 9-year high of Rs 67.20 per share, up 5 per cent on the BSE in an otherwise weak market. The stock was trading at its highest level since October 26, 2009.
The stock has rallied 100 per cent in the past four months, against a 12 per cent rise in the S&P BSE Sensex, soaring from Rs 33.65 on February 20 to above Rs 60 apiece.
D Tanjua Reddy and D Uday Kumar Reddy, the promoters of Tanla Solutions, have increased their holding by more than 3 percentage points in the company via open market over the past one-and-half months.
While the former has raised stake to 12.68 per cent from 11.01 per cent between May 10 and May 30, the latter has hiked holding to 16.62 per cent from 15.1 per cent between May 31, and June 6, according to disclosure on stock exchanges.
The company had reported 56 per cent year-on-year (YoY) growth in consolidated net profit at Rs 30 crore in FY19. Revenue, too, grew 27 per cent YoY at Rs 1,004 crore coupled with improvement in Ebitda margin by 146 basis points (bps) at 9.66 per cent from 8.2 per cent in previous fiscal.
The IT software products firm launched Trubloq, world’s first blockchain enabled commercial communications stack, on February 26 to comply with the new Telecom Regulatory Authority of India (Trai) regulation. It has tied up with six telecom operators’ viz., Airtel, Vodafone Idea, BSNL, Videocon, MTNL & Tata to launch Trubloq. According to the company, the deployment of Trubloq is in progress with revenue generation expected from Q4FY20.
At 11:41 am, Tanla Solutions was trading 3.4 per cent higher at Rs 66.15 on the BSE, against a 0.61 per cent fall in the benchmark index. A combined 7,52,530 shares changed hands on the counter on the BSE and NSE so far.