Tata Investment Corp spurts on bargain hunting

14 Oct 2022 , 01:59 PM

Shares of Tata Investment Corporation dropped 7.61% in the past four trading sessions. The stock hit a record high of 2,886.50 on 15 September 2022. It hit a 52-week low of Rs 1,218 on 20 June 2022. The stock had underperformed the market over the past one month, falling 8.22% compared with 3.46% decline in the Sensex. The scrip outperformed the market in past one quarter, soaring 76.97% as against Sensexs 9.07% rise. The scrip had also outperformed the market in past one year, climbing 44.80% as against Sensexs 4.97 decline. On the technical front, the stocks daily RSI (relative strength index) stood at 58.55. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1973.62, 1687.85 and 1556.17, respectively. These levels will act as crucial resistance zones in near term. 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 Corporations 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. Powered by Capital Market – Live News