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Shares of Tata Investment Corporation have surged 60.18% in six consecutive sessions. The stock hit a record high of Rs 2886.50 in early trade today.
The stock had outperformed the market over the past one month, soaring 91.21% compared with 1.66% rise in the Sensex. The scrip outperformed the market in past one quarter, rising 104.88% as against Sensex's 15.05% rise. The scrip had also outperformed the market in past one year, climbing 123.32% as against Sensex's 2.94% rise.
On the technical front, the stock's daily RSI (relative strength index) stood at 96.34. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1569.39, 1496.90 and 1455.80, respectively. These levels will act as support zones in near term.
Tata Investment Corporation is a non-banking financial company, engaged in investing in long term investments in equity shares, debt instruments, listed and unlisted, and equity related securities of companies in a wide range of industries. The major sources of income of the company consist of dividend, interest and profit on sale of investments.
Tata Investment Corporation's consolidated net profit jumped 67.05% to Rs 89.94 crore on 64.70% increase in total income to Rs 102.08 crore in Q1 June 2022 over Q1 June 2021.
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