Tanla Platforms Stock ALERT! This small-cap IT company shares hit upper circuit of 5% for 2nd day in row amid buyback news
Tanla Platforms board will also consider a proposal for buyback of the equity shares of the company including matters related/incidental thereto (Buyback).
A small-cap IT company — Tanla Platforms’ shares hit an upper circuit of 5 per cent to Rs 930.55 per share for the second straight in the session on the BSE during Tuesday's trade amid the buyback news that will consider in their upcoming board meeting.
The stock has jumped over 18 per cent in the last 10 sessions from Rs 790 per share on the BSE.
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Tanla Platforms shares have underperformed the market in the last three-month despite past two days' gain, by falling 2.5 per cent, as compared to an 8.6 per cent rise in the S&P BSE Sensex. However, in the past year, it has rallied 1,047 per cent, as against a 44 per cent rally in the benchmark index.
According to an exchange filing, “A meeting of the board of directors of the company will take place between July 21-July 22, 2021. In particular, on July 22, the Board shall, inter-alia, discuss and consider the unaudited financial results of the company for the quarter ended June 30, 2021.”
The board will also consider a proposal for buyback of the equity shares of the company including matters related/incidental thereto (Buyback) and any other matter as the board of directors of the company may decide during the course of the meeting, it said in an exchange filing on Monday, July 12.
The primary objective of the share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better price to earnings (P/E) multiple.
The promoters held a 41.22 per cent stake in Tanla Platforms, while individual shareholders 39.25 per cent and institutional investors led by foreign portfolio investors (11.76 per cent) collectively held a 15.09 per cent stake in the company as of March 2021, the shareholding pattern data shows.
Tanla Platforms, one of the world’s largest CPaaS players, processes over 800 billion interactions annually, and about 60 per cent of India’s A2P SMS traffic is processed through its distributed ledger platform-Trubloq, which is the world’s largest blockchain use case.
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