Stocks of Tanla Platforms rise after a share buy-back intimation by the company
Meanwhile, the frontline index S&P BSE Sensex is trading down by 0.91%.
Shares of Tanla Platforms Ltd are buzzing on the bourses today. As of 11.54 am, the shares of the company are trading at Rs 836.75 apiece, higher by 6.71% over the previous close. Meanwhile, the frontline index S&P BSE Sensex is trading down by 0.91%.
The surge in the share price of Tanla Platforms comes after an announcement made by the company on Wednesday, after market hours. The announcement pertained to a buyback activity to be undertaken by the company.
As per the exchange filing, the Buyback Committee of the company, considered, fixed and approved Tuesday, October 25, 2022, as the Record Date to determine the entitlement and names of shareholders, who will be eligible to participate in the proposed Buyback.
This news has been welcomed by the markets. Today, the scrip opened at Rs 795 and has touched a high and low of Rs 871.70 and Rs 791.90, respectively. The shares of Tanla Platforms witnessed a spurt in trading volume by more than 3.85 times. So far, 2,13,290 shares have been traded on the bourses. The stock has a 52-week high & low of Rs 2,094.40 and Rs 584.80, respectively on BSE.
Tanla Solutions Ltd is engaged in providing integrated telecom infrastructure solutions and products. Tanla’s range of services includes product development and implementation in the wireless telephony industry, aggregator services and offshore development services.
In the recent quarter Q1FY23, on a consolidated basis, the company’s net revenue increased by 27.7% YoY to Rs 800.1 crore. However, owing to a steeper rise in expenses, the bottom line declined by 3.9% YoY to Rs 100.4 crore.
The company is currently trading at a TTM PE of 19.89x against the industry PE of 25.88x. In FY22, the company delivered an ROE & ROCE of 48% and 60%, respectively.
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