Shares of engineering services company Tata Technologies were trading marginally higher in intra-day trades after reports indicated that 1.3 crore shares of the company, or 3.3 per cent of the total equity of the company, had changed hands early in the trading session on Tuesday.
According to reports, shares of the company changed hands at an average price of Rs 1,027 per share, which added up to a total deal value of Rs 1,367.4 crore for Tuesday’s block deal.
At around 11:10 AM, shares of the company were trading at Rs 1,057, up 0.88 per cent. In comparison, the BSE Sensex was trading marginally higher at 81,775.95, ahead by 0.10 per cent.
However, shares of the company fell nearly 2.5 per cent to touch an intra-day low of Rs 1,013 after reports of the block deal emerged.
In contrast, the day’s high was at Rs 1,052.15, at the time of writing.
Details about the buyers and sellers engaged in Tuesday’s transactions were still awaited. The company’s stock had also seen 9.9 million shares change hands in bulk deals on August 23, at an average price of Rs 1,013.91 crore, for a total transaction value of Rs 1,004.8 crore.
That apart, the company had reported a 15 per cent fall in first-quarter profit, due to declining revenues from its services segment and higher expenses.
The company, which provides engineering and technology services for auto, aero and heavy machinery makers, said its consolidated net profit after tax declined to Rs 162 crore in Q1FY25, from Rs 192 crore in the corresponding quarter last year.
Tata Technologies’ profit had fallen 27 per cent in the last quarter of FY24, due to similar reasons.
Meanwhile, revenue from its services segment fell 0.5 per cent in Q1FY25, while revenues for its smaller technology solutions segment grew 6 per cent during the period.
Overall, the company’s revenue for the June quarter rose just 0.3 per cent.
In terms of share price, the company’s 52-week high and low range were at Rs 1,400 and Rs 970.55, respectively.
And the company’s stock has gained 53.40 per cent in the past one month, compared to a gain of 0.53 per cent for the BSE Sensex.
However, in the year-to-date period since its listing on November 30, shares of the company have given negative returns of 127.70 per cent, compared to a 13.13 per cent gain for the BSE Sensex during the same period.
First Published: Aug 27 2024 | 11:23 AM IST
