The shares of Tata Investment Corporation jumped 8.8% during early trades on Wednesday after the company posted robust results in the latest quarter. The shares are currently trading at ₹ 1491.00 apiece, up 5.48%.
The company’s total income increased by 64.69% to ₹ 102.08 crores in Q1FY23 (June quarter) as against ₹ 61.98 crores in Q4FY22 (March quarter). It posted a net profit of ₹ 89.94 crores in the latest quarter, up 67.05% as compared to ₹ 53.84 crores in the March quarter of FY22.
Tata Investment Corporation’s profit was driven by higher dividend income. Its total revenue from operations stood at ₹ 101.94 crores as compared to ₹ 61.9 crores in the year-ago period. Its dividend income stood at ₹ 74.19 crores in the June quarter as against ₹ 41.26 crores in the corresponding period last year.
This Tata Group company is engaged in the business of investment in listed and unlisted equity shares, debt instruments and mutual funds etc. of companies in a wide range of industries. It is a non-banking financial company that is registered with the RBI under the category of an investment company.
Written By Simran Bafna
Disclaimer
The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
