TPG sold the shares at a price of Rs 1,014.16 per share which was at a discount of 3.2% over Monday closing price of Rs 1,048.65.
The stock today ended the session at Rs 1,099.05 on the BSE, gaining by Rs 50.40 or 4.81% over the previous closing price.
Meanwhile, Ghisallo Master Fund LP bought over 31.22 lakh shares for Rs 316.32 crore. Another buyer was Copthall Mauritius Investment Limited which bought over 40 lakh shares at Rs 1,013 a piece translating into Rs 406.27 crore.
Tata Technologies reported a 15% decline in its consolidated net profit to Rs 162 crore for the first quarter ended June 2024. The same stood at Rs 191 crore in the last-year quarter. Revenue from operations increased marginally to Rs 1,269 crore in the reporting period. It was Rs 1,257 crore a year ago.Operating EBITDA for the June quarter came in at Rs 231 crore, while margins were at 18.2% in the period. Segment wise, services revenue declined 1% quarter-on-quarter to Rs 985 crore in the April-June 2024 period.The company said overall market conditions remained favourable as the manufacturing sector continues to future-proof itself through ongoing investments in alternative propulsion systems, software-defined products and services, and smart manufacturing.”Confidence in our full-year prospects is fuelled by our order book, continued positive momentum within our anchor accounts, and tailwinds that we expect to continue to intersect with across automotive, aerospace, and industrial heavy machinery,” said Warren Harris, CEO and MD, Tata Tech.
Tata Tech has won five strategic deal wins across automotive and aerospace during the reporting quarter.
The company said its robust cash flow management and efficient collections process remain priorities going forward.
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