Tata Group IT Stock Witnesses Sharp Decline, Trading 30% Down From 52-Week High

Tata Group IT Software sector stock, Tata Elxsi witnessed decline after the company reported below expectations first quarter results on July 17, 2023. Tata Elxsi shares declined 4.85% in Tuesday's trade to Rs 7352.55 per share. Current market price of Tata Elxsi share is Rs 7529.00 per share with intraday fall of 0.18% on BSE at 11:29 am. The stock opened at 7535.00 per share on Wednesday, touched day's high of Rs 7594.00 per share, and day's low of 7515.00 apiece. Check details below:

Shares of the Tata Elxsi declined nearly 4.85% intraday, the most since October 18, 2022, before trading 0.99% lower as of 09:57 a.m as of July 18, 2023. This compares with a 0.29% gain in the benchmark Nifty 50, according to a BQ Prime report.

Stock Performance: Tata Elxsi's 52-week high price is Rs 10,760.40 per share and 52-week low price is Rs 5708.10 per share, respectively. Currently, the stock is trading 30% down from its 52-week high price. The company has a market capitalisation of Rs 46,923.74 crore.

In last 1-month, Tata Elxsi shares declined 1.91% and 0.17% in last 2-weeks. In last 3-months, Tata Elxsi stock gave return of 20% and the stock tumbled 7% in last 1-year.

Quarterly Results: Tata Elxsi declared its quarter one results on July 17, 2023. Its net profit surged marginally by 2.20% YoY to Rs 189 crore for the quarter ended June 30. The revenue from operations of Tata Elxsi witnessed a surge of 17.10% to Rs 850 crore.

It stated that some of its deal closures were delayed in Q1 financial year 2024. The company registered muted growth in its media and communications business as the media, telecom and technology sector is "still soft" internationally. However, it continues to stay cautious on short-term growth in this sector.

About: Tata Elxsi is amongst the world's leading providers of design and technology services across industries including Automotive, Broadcast, Communications, Healthcare, and Transportation. Tata Elxsi is helping customers reimagine their products and services through design thinking and the application of digital technologies such as IoT (Internet of Things), Cloud, Mobility, Virtual Reality, and Artificial Intelligence, according to its official website.

Disclaimer: The stock witnessed decline in last 2 days after it announced its quarterly results. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.