Tata Investment share price: The stock jumped 9.54 per cent to hit a day high of Rs 8,075.90. It was last seen trading 3.37 per cent up at Rs 7,620.50. At this price, the scrip has gained 23.47 per cent in two trading days.
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Shares of Tata Investment Corporation Ltd continued their sharp upward move for the second straight session on Wednesday. The stock jumped 9.54 per cent to hit a day high of Rs 8,075.90. It was last seen trading 3.37 per cent up at Rs 7,620.50. At this price, the scrip has gained 23.47 per cent in two trading days.
Bourses BSE and NSE have put the securities of Tata Investment under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
Separately, exchanges today sought clarification from the company with reference to movement in share volume.
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Kranthi Bathini, Director of Equity Strategy at WealthMills Securities said holding companies saw strong buying interest recently as their relative valuations looked attractive at current levels. In sync, Tata Investment shares also saw a strong upmove, Bathini added.
Tata Investment is a subsidiary of Tata Sons, a holding company of the Tata Group. It invests in a portfolio of quoted and unquoted securities of companies, including Tata Companies, which are engaged in various businesses.
Holding companies usually don’t have operations of their own but they own investments in other listed entities, particularly within the same group.
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Technically, support on the counter could be found at Rs 7,400, followed by Rs 7,260 level. And, Rs 8,000 may act as immediate resistance in the near term.
Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, “Support will be at Rs 7,260 and resistance at Rs 8,000. A decisive close above Rs 8,000 level may trigger a further upside towards Rs 8,300. The expected trading range will be between Rs 7,000 and Rs 8,500 for the short term.”
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, “Investors can consider buying the stock at around Rs 7,580. Near-term resistance is seen at the Rs 8,000 zone and a decisive close can only trigger the next leg of rally. Support will be Rs 7,400.”
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Around 58,000 shares were seen changing hands on BSE. The figure was higher than the two-week average volume of 8,345 shares. Turnover on the stock came at Rs 44.90 crore, commanding a market capitalisation (m-cap) of Rs 38,501.25 crore.
The scrip traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock’s 14-day relative strength index (RSI) came at 81.08. A level below 30 is defined as oversold while a value above 70 is considered overbought.
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As per BSE, the company’s stock has a price-to-equity (P/E) ratio of 130.72 against a price-to-book (P/B) value of 1.26. Earnings per share (EPS) stood at 56.40 with a return on equity (RoE) of 0.96.
As of June 2024, promoters held a 73.38 per cent stake in the company.
