+
Transport Corporation approves Rs 1.6 Bn share buyback
ECONOMY & POLICY

Transport Corporation approves Rs 1.6 Bn share buyback

Transport Corporation of India has announced its first-ever buyback of equity shares, valued at up to Rs 1.6 billion. In a meeting held on August 24, 2024, the company'?s board approved the buyback of up to 13,33,333 equity shares at Rs 1,200 per share on a proportionate basis through the tender offer route, according to an exchange filing.

The buyback price of Rs 1,200 per share represents a 4.8% premium over Friday's closing price of Rs 1,144.4 per share. The record date for the share buyback has been set for September 4, 2024. A share buyback is a process where a company repurchases its own shares from shareholders, often considered a tax-efficient and favorable method of returning cash to investors.

Over the past year, TCI shares have increased by 44%, while in the current calendar year, the stock has risen by 37%. In the last three years and five months, the shares have gained 193% and 312%, respectively, according to BSE analytics.

Technically, the stock is performing strongly on the charts, trading above all its key short, medium, and long-term exponential moving averages. Its RSI stands at 75.5, indicating overbought territory, according to Trendlyne data. Out of 10 analysts on Trendlyne, six recommend a "strong buy" on the stock, three have a "buy" rating, and one has a "hold" view.

Transport Corporation of India, headquartered in Gurugram, is an Indian logistics and supply chain management company. Incorporated in 1958, it has grown from a single-truck operation to a leading provider in the logistics sector, offering seamless multi-modal logistics solutions through its extensive infrastructure.

Transport Corporation of India has announced its first-ever buyback of equity shares, valued at up to Rs 1.6 billion. In a meeting held on August 24, 2024, the company'?s board approved the buyback of up to 13,33,333 equity shares at Rs 1,200 per share on a proportionate basis through the tender offer route, according to an exchange filing. The buyback price of Rs 1,200 per share represents a 4.8% premium over Friday's closing price of Rs 1,144.4 per share. The record date for the share buyback has been set for September 4, 2024. A share buyback is a process where a company repurchases its own shares from shareholders, often considered a tax-efficient and favorable method of returning cash to investors. Over the past year, TCI shares have increased by 44%, while in the current calendar year, the stock has risen by 37%. In the last three years and five months, the shares have gained 193% and 312%, respectively, according to BSE analytics. Technically, the stock is performing strongly on the charts, trading above all its key short, medium, and long-term exponential moving averages. Its RSI stands at 75.5, indicating overbought territory, according to Trendlyne data. Out of 10 analysts on Trendlyne, six recommend a strong buy on the stock, three have a buy rating, and one has a hold view. Transport Corporation of India, headquartered in Gurugram, is an Indian logistics and supply chain management company. Incorporated in 1958, it has grown from a single-truck operation to a leading provider in the logistics sector, offering seamless multi-modal logistics solutions through its extensive infrastructure.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Next Story
Infrastructure Urban

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code