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Last Updated : Nov 08, 2017 09:50 AM IST | Source: PTI

Tata Investment Q2 net profit down 11% at Rs 116 cr

Tata Investment Corporation today reported 11 percent decline in its standalone net profit to Rs 115.65 crore for second quarter ended September 30.

 
 
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Tata Investment Corporation today reported 11 percent decline in its standalone net profit to Rs 115.65 crore for second quarter ended September 30.

The company's net profit was at Rs 130 crore in the corresponding quarter last fiscal.

Total income of the company declined Rs 144.27 crore for the reported quarter from Rs 156.27 crore in the same period a year earlier, the company said in a regulatory filing.

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"Based on the recent developments in Tata Teleservices Ltd (TTSL), the company has written-off the residual value of its investment in TTSL amounting to Rs 6.66 crore for the quarter ended September 30, 2017," it said.

Earlier in October, Tata group announced to merge Tata Teleservices with Bharti Airtel in a bid to get rid of financial losses it is suffering in the telecommunications business.

The merger agreed on a debt-free, cash-free basis as well as all the past liabilities and dues to be settled by the Tata group will result into over 4 crore customers of TTSL and Tata Teleservices Maharashtra (TTML) joining Bharti Airtel.

The deal is seen as further consolidation in one of the world's largest telecom markets.

Tata Investment invests in a diversified portfolio of quoted and unquoted securities of companies, including Tata companies.

Total assets of the company stood at Rs 2,509.78 crore as on September 30, 2017.

Shares of the company closed 2.67 per cent down at Rs 870.60 apiece on BSE today.

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First Published on Nov 8, 2017 09:48 am
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