Stock market

 

Tata Group financial stock rallies to hit record high, up 30% in 2 weeks

Tata Investment shares hit record high

2 min read . Updated: 13 Sep 2022, 01:23 PM ISTLivemint

• Shares of Tata Investment Corporation Ltd surged to hit a record high of ₹2,096 on the BSE

Listen to this article

Shares of Tata Investment Corporation Ltd surged in Tuesday's trading session to hit a record high of ₹2,096 apiece by rallying over 6% intraday on the BSE. The stock has been in an uptrend since the past few sessions as it has risen more than 30% in the last two weeks.

Promoted by Tata Sons, Tata Investment Corporation Limited (TICL) is a non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI). Earlier named The Investment Corporation of India, the company is primarily involved in investing in long-term investments such as equity shares and equity-related securities. The Tata Group stock is up over 62% in a year's period.For the first quarter ended June 2022 or Q1 FY23, Tata Investment Corporation reported a 66.5% increase in consolidated net profit at ₹89.7 crore, driven by higher dividend income. The company had posted a consolidated profit after tax of ₹59.8 crore in the same quarter of the previous fiscal.