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Tata Elxsi stock hits all-time high in volatile trade; here’s why

Tata Elxsi stock

Tata Elxsi stock hits all-time high in volatile trade

Tata Elxsi stock – In a highly volatile market today, Tata Elxsi stock achieved an all-time high on news that MSCI was set to add the company in its standard index. MSCI could add five stocks and drop two stocks from its Standard Index, according to Edelweiss Alternative & Quantitative Research’s newest study. The MSCI Standard Index was expected to include Tata Elxsi, Jindal Steel & Power, Voltas, Varun Beverages, and Astral. According to Edelweiss, Indraprastha Gas and MRF (India) may be omitted. 
 
On the BSE, Tata Elxsi reached a new high of Rs 9,078, up 7.55 percent. In the last two days, the large-cap stock has risen 17.18%. The stock of Tata Elxsi began higher at Rs 8,460, up from its previous close of Rs 8,440. 
 
A total of 1.32 lakh shares of the company were traded, resulting in a Rs 115.43 crore turnover.

Tata Elxsi stock

On the BSE, the company’s market capitalization increased to Rs 55,812 crore. On March 26, 2021, the stock hit a 52-week low of Rs 2,614.30. 
 
“Despite the promoter group dumping some shares last week, Tata Elxsi has seen an exceptional surge thanks to solid Q3FY22 profits and a positive outlook on FY23 margins, as well as strong fundamentals. Tata Elxsi appears to be overbought on a technical level, and investors should take profits now and wait for a dip near 7,900 to re-enter this company for greater returns “AR Ramachandran, co-founder and trainer at Tips2Trades, agreed. 
 
The Tata Group company’s net profit for the October-December quarter increased by 43.5 percent year on year (YoY) to Rs 151 crore. Profit increased by 20.4 percent on a quarter-over-quarter (QoQ) basis. 
 
Revenue from operations for the design-led technology services provider increased 33.2 percent year over year (YoY) and 6.7 percent quarter over quarter (QoQ) to Rs 635.4 crore. EBITDA (earnings before interest, taxes, depreciation, and amortisation) increased by 14.8 percent quarter on quarter and 46.8% year on year to Rs 210.8 crore. 
 
During the quarter under review, the EBITDA margin was 33.2 percent, up from 30.8 percent the previous quarter and 30.1 percent the year before. 
 
Meanwhile, the Sensex was up 150 points at 57512, and the Nifty was up 51 points to 17,204. The Sensex had hit an intraday bottom of 56825 earlier in the session, and the Nifty had hit an intraday low of 17,003. 

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