In the corresponding quarter of the previous fiscal, Tata Investment Corporation posted a net profit of ₹60.5 crore, the company said in a regulatory filing.
The company’s revenue from operations tanked 71.2% to ₹16.4 crore as against ₹57 crore in the corresponding period of the preceding fiscal.
The board of directors have recommended a dividend of ₹27 (270%) per ordinary share of ₹10 each, which shall be paid after the annual general meeting, subject to approval of the shareholders of the company at the ensuing Annual General Meeting.Also Read: Tata Capital IPO: How much do listed Tata entities own in the company?
Tata Investment Corporation Ltd is a non-banking financial company and is primarily involved in investing in long-term investments such as equity shares and equity-related securities.
The Tata Group company also assists in the establishment of new ventures and acts as an investment company with a diversified portfolio of investments. Tata Investment Corporation was promoted by Tata Sons Private Ltd in 1937, under the name The Investment Corporation of India Ltd.
Besides Tata Sons, which owns a 68.5% stake in the company, other Tata Group companies that own stake in Tata Investment include Tata Power (1.57%), Tata Chemicals (0.87%), Tata Steel (0.45%) and Tata Consumer (0.29%). Trent also has a negligible stake in the company as per the June quarter shareholding pattern.
The results came after the close of the market hours. Shares of Tata Investment Corporation Ltd ended at ₹6,390.00, up by ₹98.75 or 1.57% on the BSE.