Tata Investment shares soar 24% in just 2 days; is more steam left?

Shares of Tata Investment Corporation Ltd continued their sharp upmove for the second consecutive session on Thursday. The stock jumped 9.22 per cent to hit a day high of Rs 6,500. At this price, it has gained 24.20 per cent in a couple of trading sessions.

The company, in response to an exchange query on stock price movement, said, "We do not have any information/announcements to share with the Stock Exchanges under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) which have a bearing on the price/volume behaviour of our scrip traded."

Technically, support on the counter could be seen in the 5,700-5,650 zone. On the higher end, an analyst said the stock has potential to hit an upside target of Rs 6,900 in the near term.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The stock has experienced a significant surge in price and volume. In the short term, an immediate resistance level is identified at Rs 6,600, while support is observed in the Rs 5,700-5,650 range."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "The expected trading range will be between Rs 5,500 and Rs 6,500 for the short term."

Sebi-registered research analyst AR Ramachandran said the stock price is bullish on daily charts adding it can hit an upside target of Rs 6,900 in the near term.

The scrip traded higher than the 5-day, 10-, 20-, 30-day and 50-day simple moving averages (SMAs) but lower than the 100-, 150-day and 200-day SMAs. The stock's 14-day relative strength index (RSI) came at 60.45. A level below 30 is defined as oversold while a value above 70 is considered overbought.

As per BSE, the company's stock has a price-to-equity (P/E) ratio of 106.55 against a price-to-book (P/B) value of 0.83. Earnings per share (EPS) stood at 55.85 with a return on equity (RoE) of 0.78.

As of December 2024, promoters held a 73.38 per cent stake in the Tata Group firm.