A Tata Group stock surged almost 10% in morning trade on the BSE on Thursday, 10 September, defying weak stock market sentiment. Tata Investment Corporation share price opened at ₹618.55 against its previous close of ₹618.30 and jumped 9.8% to an intraday high of ₹679, with a nearly 12 times spurt in volume. The stock, however, pared gains and traded 4% up at ₹643 around 10:45 AM, looking set to snap its four-day losing run. Equity benchmark Sensex was flat at that time.
Tata Investment Corporation share price trend
shares hit a 52-week low of ₹538.70 on 30 March this year after hitting a 52-week high of ₹1,184 on 3 October last year.
Year-to-date, shares of the Tata Group-owned investment company are down 7%, compared with a 12% decline in the benchmark Sensex.
Tata Investment Corporation shareholding pattern
Tata Sons Private Limited held 34,66,46,630 shares, or 68.51% stake, in the company by the end of the June quarter of the current financial year.
Among non-promoter shareholders, foreign portfolio investors (FPIs) held 1,34,92,924 shares, or 2.67% stake, in the company by the end of the June quarter.
Tata Investment Corporation shares technical view
According to Aditya Thukral, founder and analyst at AT Research and Risk Managers, Tata Investment Corporation has been hovering around all the major exponential moving averages, indicating a sideways trend for the stock.
However, Thukral added that all the rallies are getting sold off in the stock. So, every rally is an exit opportunity for long positions as the stock is expected to trade range-bound for another 6 months or so.
“Now that the stock is trading with negative crossovers between all the major EMA’s, selling pressure can mount on the stock prices. There is no buying opportunity in the stock at the moment; rather, investors should consider exiting this stock on every rally,” said Thukral.
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