News

Published: December 15, 2023
Updated: December 15, 2023

Tanla Platforms Soars 20% on High Volumes, Defying Market Trends

Investors were in for a surprise on December 13 as Tanla Platforms witnessed an impressive 20% surge in its shares, backed by significant trading volumes that surpassed usual averages.

Impressive Year-to-Date Performance: Outshining the Nifty 50

Tanla Platforms continues to outperform, boasting a remarkable 50% Year-to-Date surge, in stark contrast to the benchmark Nifty 50, which has seen a 15% rise during the same period.

Analyst Projections and Cautionary Notes:

Analyst data from Trendlyne indicates a target price of Rs 1,295 for Tanla Platforms, suggesting an 18% potential upside in the coming year. However, with the stock currently in the overbought zone, investors are advised to approach with caution.

Market Insights: Technical Analysis and Expected Trading Range

A technical analysis suggests potential support at Rs 1,000 and resistance around Rs 1,120. Looking ahead, the expected trading range for the next few months could hover between Rs 900 and Rs 1,200, offering insights into potential market movements.

Solid Financials: Q3 2023 Highlights

For the quarter ending September 2023, Tanla Platforms showcased robust financial performance, recording a 29% increase in profits to Rs 143 crore, compared to Rs 110 crore in the previous year. Net revenue also experienced a significant 19% year-on-year jump, reaching Rs 1,009 crore.

Considerations for Investors:

While Tanla Platforms' recent surge is noteworthy, investors are urged to exercise caution as again some profit booking was seen on Thursday , with the share prices declining by 2.01 % and closing at 1069. With an overbought status and the stock market's inherent unpredictability, a measured approach, considering potential market fluctuations, is advised.