Indian design and technology services provider Tata Elxsi has provided more than 160% in return in the past year even as a majority of global markets remained downbeat amid COVID-19 and geopolitical events such as the Russian Invasion of Ukraine.
The rally in the Indian Tata Group-owned stock picked up momentum at a time when COVID-19 hit India hard, and the country went into elongated lockdowns. The stock has since fetched a whopping 854.87% return — jumping from INR 924 on March 11 when the U.N. World Health Organization declared COVID-19 outbreak a pandemic to INR 7,899 on Wednesday.
Tata Elxsi has a total market cap of $6.5 Billion (₹49,585 crores) and is among the 17 Tata Group companies listed on the Indian exchanges other than Tata Motors Limited ADR (NYSE:TTM), which is listed on NYSE and Indian stock exchanges as well.
Company In News: The company on Wednesday posted a 39% jump in its net profit in the fourth quarter ended March 31.
Manoj Raghavan, Tata Elxsi CEO and Managing Director said in a statement, "This has been the strongest year of growth in the company's history and an all-around performance across business units, industries, and geographies. Our Transportation business is now on a path of accelerated growth, with our differentiated EV, Autonomous, Connected and Digital capabilities powering large deal wins."
Tata Elxsi rivals the likes of Wipro Ltd (NYSE:WIT) and Infosys Ltd ADR (NYSE:INFY).
