Tata group The NBFC Tata Investment Corporation has announced a big announcement of the stock split on Monday along with declaring the first quarter financial results. The Tata Investment Corporation reported to the stock market on Monday that they are going to divide one of their stocks into 10 pieces. The company’s Board of Directors have approved sub-development in 10 full paid equity stocks with a face value of Rs 1 face value of Rs 10.
The purpose of making shares more economical for retail investors
This stock split aims to increase liquidity in the company’s shares and make equity shares more economical for retail investors. However, the approval of the company’s shareholders is yet to be received for this stock split. After getting approval from shareholders, the company will announce a separate record date for sub-division of shares.
The company’s net profit increased by 11.6 percent in the first quarter of the current financial year
Tata Investment Corporation Limited has also released the results of the first quarter (April-June quarter) of the current financial year. During this period, the company’s net profit increased by 11.6 percent to Rs 146.3 crore. The company’s net profit was Rs 131.07 crore in the first quarter of the last financial year. Tata Investment Corporation Limited (TICL) said in an exchange filing on Monday that its operational income in the first quarter was Rs 145.46 crore, which was Rs 142.46 crore in the first quarter of the last financial year.
Dividend income of Tata Investment Corporation also increased
The company said that their total expenses rose slightly to Rs 12.15 crore, while it was Rs 11.77 crore in the same quarter a year ago. During this period, the company’s dividend income increased from Rs 84.08 crore to Rs 89.16 crore on an annual basis. Tata Investment Corporation Limited is a systematically important non-banking financial company (NBFC). It has been classified by the Reserve Bank of India (RBI) as a moderate level NBFC.
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