Tata Investment Corporation: Unusual discount to NAV

I am not sure, but this looks like HFT, high frequency trading, they bought and sold the same quantity but for a profit. Both Graviton and NK Securities are HFT trading firms.

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Thanks. That makes sense. I don’t mean to clutter the thread, but how can volume go 20x average (or that order) without any big ticket buyers? There is no other information on the exchange and I doubt if retail can move it this much.

Maybe it’s got something to do with the low float. Not a technical guy so this puzzled me too.

Hey, a correction needs to be made in the sheet. They hold 9,023,730 shares of ITC as per latest AR. You’ve added an extra 0. Great work anyway!

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I am extremly sorry for this huge mistake.
and thank you @Piyush_Vats for pointing this.


Can you please post link of the excel?


The sheet is showing an error due to Mindtree. Can the owner please address that ? Thanks.


Results for FY23 are out. Putting the link below.

The dividend was reduced from 55 to 48. This was kind of surprising.

Please share your views.


Normally, when dividend payout ratio is more than 100%, i consider dividend above 5 year payout ratio as one time/exceptional. FY22 EPS was arojnd Rs 42 (consolidated) which increEd to Rs 49 in FY23. However, payout at around Rs 44 in FY23 resume to around 90% dividend payout, which i believe shall be sustainable for long term. So, personally, do not see decline in dividend despite growth in profit as negative. This is my understanding and may be incorrect.

Discl: Hold tracking position. My view may be biased. Not a Sebi registered analyst. Not recommending any investment actions.


Hi… The new annual report is now available. Can you update the file with all the new information? :pray:t4::slightly_smiling_face:

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And here is the latest Annual Report.


Just to save time.

Updated as per AR FY23


Key points from Annual Report FY23:

  1. The company keeps its promise of holding on to Tata group companies for the long run - Titan, Trent, Tata Consumer Products, Trent, Tata Chemicals etc. The only exception is Tata Elxsi where they trimmed the stake by 25% at sky high valuations (P/E of 80 to 100). This shows really high quality character of the management in terms being of being valuation conscious. To significantly trim the stake in a group company when the stock was a market darling is a positive sign. It could also be possible that they do not see Elxsi as a core holding as all other big group holdings are consumer plays. I personally align with the former statement.

  2. Major Sells: Indusind Bank (approx 250-300 cr holding) plus a few other residual positions (Hero MotoCorp, Bank of Baroda, Ramco, Colgate etc).

  3. Major Buys: The company has bought a basket of high dividend yield stocks trading at a cheap valuation - Castrol, Redington, GAIL, Power Finance Corp, PowerGrid Corporation of India, REC, LIC (more of an asset play) and a few others (Kotak Bank, Zomato, D Mart etc). The idea here is pretty clear - not hold cash and keep buying stocks whenever market gives opportunity. The major problem here is most of these positions are below 0.50% weightage, some positions are as tiny as 0.05%. I don’t see anything meaningful happening here.

  4. Around 85% of all assets are in Tata group stocks. The majority of returns will come from here. At the same time, you can not ignore a few potential dark horses - NSE, Tata Capital and Tata Asset Management.

Disclosure: Not invested, tracking with increased conviction.


Can you please update the sheet since HDFC Limited does not exist now ?

Tata Sons - an holding company for all Tata group companies to be listed soon


Thanks for sharing the news.

So how this can impact Tata Invest Corporation in the coming future?

Please throw some light on this


Holds shares in Tata Sons, so market value will be ascribed to the valuation rather than derived value.

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Hi Manoj Is this List Updated in Google Drive ?, Very useful one Thank you for Sharing

Great work
Now I understand the reason behind demand for the Tata Investment shares.
Friday it ended in upper circuit and no sellers.

Thanks for the update.

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