Shares of global engineering and product development company Tata Technologies Ltd will be in focus. Last Thursday, shares of the company had gained 1 percent to hit an intraday high of Rs 1,150. The company's IPO had just arrived and now the company has announced its December quarter results.
Tata Technologies Ltd has reported an increase in its profit for the December quarter. Tata Technologies Ltd reported a 14.72 percent rise in net profit at Rs 170.22 crore for the December quarter. The company posted a net profit of Rs 148.38 crore in the same quarter last fiscal. Tata Technologies also informed the stock exchanges about the quarterly results announced after being listed on the stock exchange. Tata's stock is up 130 percent from the Rs 500 IPO price so far.
Revenue Rs 1,289.45 crore
The company's revenue surged to Rs 1,289.45 crore in the quarter under review as against Rs 1,123.89 crore in the year-ago period. During the period, the company's total expenses increased to Rs 1,085.14 crore from Rs 947.42 crore in the same period last fiscal.
IPO in 2023
The IPO of Tata Group's much-awaited Tata Technologies was listed on BSE and NSE on November 30. The company's shares were heavily listed. The Tata Group stock was listed on the BSE at Rs 1,199.95 with a premium of 140%. At the same time, the company's shares were listed at Rs 1,200 on the NSE with a premium of 140%. Shortly after the listing, the shares had gained nearly 180 percent to Rs 1,398 on the BSE from their issue price. The IPO price of Tata Technologies was fixed at Rs 475-500. Accordingly, investors made huge profits on the first day of listing. After 18 years, the Tata Group company has been listed on the stock exchange. Shares of Tata Consultancy Services (TCS) were listed in 2004