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 to Friday’s closing price of Rs 1,144.4 apiece.
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. This approach is often considered tax-efficient and offers a favorable method of returning cash to investors.In the last one year, the shares of TCI have increased by 44% while in the current calendar year, the stock has gone up by 37%. In the last 3 years and five months, the shares have gained 193% and 312% respectively, according to BSE analytics.Technically, the stock is positioned strongly 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, according to Trendlyne data.Out of 10 analysts on Trendlyne, six recommend a ‘strong buy’ on 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 on its extensive infrastructure, TCI offers seamless multi-modal Logistics solutions.
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