Tata Investment Corp share price: Tata Investment Corp gains 3% on reporting 43% jump in Q3 profit -GROWMUDRA

Tata Investment Corp gains 3% on reporting 43% jump in Q3 profit

20 Jan , 2022 By : monika singh

NEW DELHI: Shares of Tata Investment Corporation gained almost 3 per cent in early trade on Thursday as the holding company reported a 42.86 per cent jump in consolidated profit after tax at Rs 39.73 crore in the third quarter ended December 31, 2021. The company had posted a consolidated profit after tax of Rs 27.81 crore in the corresponding quarter of the previous financial year.

The company’s counter rose to a high of Rs 1,528 as against Rs 1,486 at previous close on the National Stock Exchange.

According to a PTI report, the company said in an exchange filing that it had posted a consolidated total revenue from operations during October-December 2021 at Rs 50.97 crore as against Rs 27 crore in the year-ago period.

The company, which is primarily involved in investing in long-term investments such as equity shares and equity-related securities, said its total expenses during the quarter under review stood at Rs 6.01 crore as compared with Rs 5.04 crore as compared with Rs 5.04 crore a year ago, PTI reported.

In a separate release to bourses, Tata Investment Corporation said its board of directors approved the appointment of Farida Khambata as an additional director (non-executive, independent) with effect from January 19, 2022, up to December 11, 2024, PTI reported.

Last week, Tata Sons and Tata Investment Corporation Ltd, the promoters of India’s largest IT services firm Tata Consultancy Services, said that they intend to participate in the IT major's Rs 18,000 crore buyback offer by tendering about 2.88 crore shares.