Shares of Transport Corporation of India (TCI) fell over 6 percent due to profit booking after the stock hit an all-time high on Thursday, following the company's announcement of its first-ever buyback proposal. The board of directors of the industry-specific logistics solutions company met on August 24 to consider a buyback of its equity shares.
The company board approved a share buyback of up to Rs 159 crore. The company has never issued bonus shares or split its stock, but it has paid dividends to its shareholders.
Following the proposal, shares of TCI rose around 19 percent to hit an all-time high on August 22. However, profit booking subsequently took place, with the stock ending 1.4 percent down in the previous session.
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Investors continued to book profits today, and the stock tumbled around 6 percent to hit an intraday low of Rs 1,061.15 on NSE.
Transport Corporation of India is an end-to-end integrated supply chain and logistics solutions provider (LSP). The company's stock has risen 30 percent so far this year. In the past 12 months, the stock has risen 35 percent, beating Nifty's returns of 29 percent during this period.
Out of 10 analysts tracking the company, eight maintain a 'buy' rating on Transport Corporation stock, one has a 'hold', and one suggests 'sell', according to Bloomberg data.
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