Transport Corporation of India has announced its first-ever buyback of equity shares, valued at up to Rs 1.6 billion. In a meeting held on August 24, 2024, the company'?s board approved the buyback of up to 13,33,333 equity shares at Rs 1,200 per share on a proportionate basis through the tender offer route, according to an exchange filing.

The buyback price of Rs 1,200 per share represents a 4.8% premium over Friday's closing price of Rs 1,144.4 per share. The record date for the share buyback has been set for September 4, 2024. A share buyback is a process where a company repurchases its own shares from shareholders, often considered a tax-efficient and favorable method of returning cash to investors.

Over the past year, TCI shares have increased by 44%, while in the current calendar year, the stock has risen by 37%. In the last three years and five months, the shares have gained 193% and 312%, respectively, according to BSE analytics.

Technically, the stock is performing strongly on the charts, trading above all its key short, medium, and long-term exponential moving averages. Its RSI stands at 75.5, indicating overbought territory, according to Trendlyne data. Out of 10 analysts on Trendlyne, six recommend a "strong buy" on the stock, three have a "buy" rating, and one has a "hold" view.

Transport Corporation of India, headquartered in Gurugram, is an Indian logistics and supply chain management company. Incorporated in 1958, it has grown from a single-truck operation to a leading provider in the logistics sector, offering seamless multi-modal logistics solutions through its extensive infrastructure.