Transport Corporation to consider share buyback, shares skyrocket 20%

Transport Corporation of India on Wednesday announced that its board will consider a share buyback in its upcoming board meeting scheduled on August 24, following which the stock today rallied 20% to its all-time high of Rs 1,249.45 on BSE.

“This is to inform that a meeting of the Board of Transport Corporation of India Limited will be held on Saturday, the August 24, 2024, to consider, inter alia, a proposal for buyback of the fully paid-up equity shares of the Company and the matters necessary and incidental thereto,” said the company in a filing to the exchanges.

In case the company proceeds with the plans of share buyback, this will be the first ever instance of the company doing so.


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In the last one year, the shares of TCI have increased by 46.5% while in the current calendar year, the stock has gone up by 39.6%. In the last 6 months and three months, the shares have gained 38% and 28.6% respectively, according to BSE analytics.

Technically, the stock is well placed on charts above all its significant short, medium, and long-term exponential moving averages and is oscillating near the mid-range mark of 65 on the RSI, according to the Trendlyne data.

Out of 10 analysts on Trendlyne, six recommend a ‘strong buy’ on the stock while three have a ‘buy’ rating on the stock. One of the analysts has a ‘hold’ view on the stock.

Transport Corporation of India is an Indian logistics and supply chain management company, headquartered in Gurugram. It was incorporated in 1958 and has grown from a single truck operation to a leading provider in the logistics sector, moving approximately 2.5% of India's GDP by value every year.

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