Transport Corporation of India was up 2.09% at Rs 312 at 10:18 IST on BSE after High Court of Telangana and Andhra Pradesh approved the proposed demerger of the division of the company that provides express courier and cargo delivery services.
Meanwhile, the S&P BSE Sensex was up 110.55 points or 0.42% at 26,506.26.
On BSE, so far 16,268 shares were traded in the counter as against average daily volume of 10,722 shares in the past one quarter. The stock hit a high of Rs 319.45 and a low of Rs 310 so far during the trading session. The stock had record high of Rs 348 on 7 December 2015. The stock had hit 52-week low of Rs 207.10 on 12 February 2016. The stock had outperformed the market over the past one month till 14 June 2016, surging 17.49% compared with the Sensex's 3.55% rise. The scrip had also outperformed the market in past one quarter, gaining 11.31% as against the Sensex's 6.42% rise.
The small-cap company has equity capital of Rs 15.21 crore. Face value per share is Rs 2.
The High Court of Judicature at Hyderabad for the state of Telangana and for the state of Andhra Pradesh yesterday, 14 June 2016, approved the proposed demerger of the division of the company that provides express door-to-door service for time sensitive and high value parcels. As per the demerger scheme, Transport Corporation of India's (TCIL) door to door courier and cargo business will be transferred to a separate company to be called TCI Express Limited. As per the demerger scheme, one equity share of Rs 2 each TCI Express will be issued for every 2 equity share of Rs 2 each held in TCIL. As part of the demerger scheme, TCI Express will seek listing of its shares on the stock exchanges in due course.
Transport Corporation of India's (TCIL) net profit rose 12% to Rs 24.10 crore on 6.5% growth in net sales to Rs 602.07 crore in Q4 March 2016 over Q5 March 2015.
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TCIL provides end to end integrated supply chain and logistics solutions.
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