Tata Technologies stock sinks 5% after Rs 1,094 crore block deal

Over the past year, shars of Tata Technologies have tumbled 37 percent.

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Tata Group firm Tata Technologies Ltd.'s shares sank five percent in early trade on Tuesday, April 29, after shares worth Rs 1,094 crore exchanged hands in a block deal window.

As much as 1.6 crore shares of the company, making up a 3.95 percent stake changed hands in the large deal, at a price of Rs 683 per share. This represents a three percent discount to the previous session's close of Rs 705.60 apiece.

While Moneycontrol couldn't immediately ascertain the buyers and sellers in the deal, according to sources, CNBC-TV18 reported that private equity firm TPG Rise Climate was the likely seller. The seller will see a 60 day lock-in period, while Bank of America Securities was the sole banker in the deal.

At 9.30 am, shares of Tata Technologies were quoting Rs 672.5 per share on the NSE, down 4.7 percent.

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On April 25, Tata Technologies reported a net profit of Rs 188.87 crore for the January-March quarter of FY25. This marked a rise of over 20 percent from the Rs 157.24 crore net profit reported in the corresponding quarter of the previous financial year. The company also announced a final dividend as well as a special one-time dividend for its shareholders.

While net profit rose, Tata Technologies' revenue from operations declined over 1.18 percent YoY to Rs 1,285.65 crore. The company's basic earnings per share (EPS) improved to Rs 4.66. Its operating EBITDA meanwhile stood at Rs 2,334 million.

Tata Technology announced a final dividend of Rs 8.35 per share and a one-time special dividend of Rs 3.35 per share. This takes the total dividend announced along with the Q4 results to Rs 11.70 per share.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.