At a meeting held on August 24, 2024, the company’s board approved buyback of up to 13,33,333 equity shares at Rs 1,200 per share on a pro rata basis through the tender offer route, according to an exchange filing.
The buyback price of Rs 1,200 per share represents a premium of 4.8 per cent to Friday’s closing price of Rs 1,144.4 apiece.
The registration date for the share buyback It has been set for September 4, 2024.
A share buyback is a process where a company buys back its own shares from shareholders. This approach is often considered tax-efficient and offers a favorable method of returning cash to investors. In the past one year, TCI shares have surged 44%, while in the current calendar year, the stock is up 37%. In the past 3 years and five months, the stock has gained 193% and 312% respectively, as per BSE analytics. Technically, the stock is strongly positioned on the charts, trading above all its key short, medium and long term exponential moving averages. Its RSI is at 75.5, indicating overbought territory, as per Trendlyne data. Out of 10 analysts at Trendlyne, six recommend a “strong buy” for the stock, while three have a “buy” rating on the stock. One of the analysts has a “hold” view on the stock.
Transport Corporation of India is an Indian logistics and supply chain management company, headquartered in Gurugram. It was incorporated in 1958 and has grown from a single-truck operation to a leading provider in the logistics sector. Leveraging its extensive infrastructure, TCI offers seamless multi-modal logistics solutions.
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