Tanla Platforms gains after MIT, Vantage Equity buy stake

Tanla Platforms was up 2.52% to Rs 569.90 after Massachusetts Institute of Technology (MIT) and Vantage Equity Fund bought stake in the company via bulk deals on Wednesday (25 November 2020).

Nov 26, 2020 03:11 IST capital market

As per the bulk data on the BSE, MIT purchased 9.85 lakh shares, or 0.72% equity, of Tanla Platforms while Vantage Equity Fund bought 6.85 lakh shares, 0.5% equity, of the company. Banyan Investments sold 16.70 lakh shares, or 1.23% equity. All three deals were struck at an average price of Rs 524.30 per share.

Earlier on 17 November, Amansa Investments, American Fund Insurance Series and Mobile Techsol bought 40.84 lakh, 86 lakh and 17.1 lakh shares respectively. While, Banyan Investments sold 1.5 crore shares of Tanla Platforms on the same day.

As on 30 September 2020, Banyan Investments held 2.19 crore shares, or 16.17% stake in Tanla Platforms.

The stock was in demand after the company on 12 November 2020 announced that it has been added in MSCI India Domestic Small Cap Index.

The counter has jumped 62.16% in eleven trading days from its previous closing low of Rs 351.45 on 11 November 2020. The stock hit a record high level of Rs 583 in early deals today. It is up 1,400% from its 52-week low of Rs 38 hit on 24 March 2020.

On the technical front, the stocks RSI (relative strength index) stood at 92.02. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 325.69 and 245.99 respectively. These levels will act as crucial support zones in near term.

On a consolidated basis, Tanla Platforms posted a net profit of Rs 81.47 crore in Q2 September 2020 as against a net loss of Rs 47 crore in Q2 September 2019. Net sales gained 19.7% to Rs 583.25 crore in Q2 September 2020 over Q2 September 2019.

Tanla Platforms previously known as Tanla Solutions is a cloud communications provider based in Hyderabad, India. The company provides value-added services in the Cloud communications.

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