Tata Investment shares rally 20% to hit all-time high
Tata Investment Corporation's stock soared to an all-time high on Tuesday, with shares skyrocketing 20% after the company revealed a substantial boost in net profit for Q3 of FY24. As per an exchange filing, Tata Investment's consolidated net profit leaped 53.2% YoY to Rs. 53.2 crore during the October-December quarter. At the time of writing, the shares were trading at Rs. 5,794 apiece, after hitting upper circuit.
Tata Investment's Q3 highlights and stock performance
Tata Investment's Q3 results also revealed a 34.2% YoY revenue increase, reaching Rs. 50.6 crore. Following this news, Tata Investment's shares surged 20%, marking the highest point since its listing on July 2, 1997. Over the past year, the stock has climbed an impressive 158%. The small-cap investment company has a market capitalization of Rs. 22,987 crore.
Tata Investment's trading volume and relative strength index
Tata Investment's trading volume for the day was 13 times its 30-day average, signaling robust investor interest. The relative strength index (RSI) stood at 82.92, suggesting that the stock was overbought. The index measures the speed and change of price movements. As investors continue to respond to the company's positive Q3 results, it will be interesting to see how the stock fares in the upcoming days.
