๐ Tata Elxsi Share Price on 26 April 2024 ๐
๐ The stock market is currently releasing quarterly results, and companies big and small across the country have announced their fourth-quarter results. The market trajectory is being determined by these companies’ quarterly results. Tata Group’s Tata Elxsi company also recently announced its quarterly results, after which a decline in the company’s shares was recorded on Wednesday. Despite offering investors a historic dividend, giants sold shares on Wednesday.
๐ Tata Elxsi announced a dividend of Rs. 70 per share to investors along with its quarterly results, but a 5% decline was recorded in the stock on the same day. The company’s weak quarterly results sent the stock downward, with the company’s net profit decreasing by 4.6% from the previous quarter. The share was trading at Rs. 7,116, up 0.32% on Friday.
๐ฐ Over the past few years, Tata Elxsi’s shares have provided investors with attractive returns, especially after the downturn during the pandemic. Analysts commented on the decline in Tata Elxsi’s shares and shed light on how the stock will perform in the coming months.
๐ After the announcement of Tata Elxsi’s quarterly results, the share opened at Rs. 7,034 on Wednesday morning and touched the Rs. 7,000 mark. The company’s share closed at Rs. 7,395 on Tuesday. In the last 10 years, Tata Elxsi shares have given investors a significant return, rising from just Rs. 200 in 2014 to a high of Rs. 10,760 in August 2022. However, since then, the stock has been gradually correcting and is currently trading well below its peak.
๐ Market experts noted that the outlook for IT companies remained weak after Tata Elxsi’s quarterly results, expecting limited improvement in revenue in the near future. Meanwhile, Tata Elxsi’s board announced a dividend of Rs. 70 per share for the financial year 2023-24 after the March 2024 quarter, but investors did not seem too pleased with the announcement, causing the share price to drop.
๐น Tata Elxsi’s net profit for the third quarter of fiscal year 2024 decreased by 4.6% to Rs. 197 crore from Rs. 206.4 crore. The company’s net loss decreased by 2.3% year-on-year. Operating revenue for the quarter decreased by 1% to Rs. 906 crore, down from Rs. 914.2 crore in the December quarter. However, this is an 8.1% increase compared to the same period last year.
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