IT stock jumps 5% after board approves increase in buyback price
Stocktwits - Tanla Platforms (NSE:TNSL) shares rose 4% on Tuesday after the company’s board approved a buyback proposal worth ₹175 crore.
The company will buy back up to 20 lakh fully paid-up equity shares, representing about 1.49% of its total equity capital, at ₹875 per share through the tender offer route.
The buyback size accounts for 24.81% of the company’s standalone and 7.8% of its consolidated paid-up equity share capital and free reserves as of March 31, 2025.
According to SEBI-registered analyst Prabhat Mittal, the stock is making higher tops and higher bottoms on the short-term chart and is available at comparatively lower levels.
At the time of writing, Tanla Platforms shares were trading at ₹680.8, up 3.6% on the day.
He said the stock traded above ₹2,000 in 2022 and is currently at ₹684.
Mittal noted that in April 2025, the stock was trading below its 20-, 50-, 100-, and 200-day moving averages, but has since outperformed the market and is now trading above all those averages.
He added that the technical indicator moving average convergence divergence (MACD of 12,26) is giving a buy signal.
The analyst recommended buying Tanla Platforms between ₹682 and ₹650 with a strict stop loss of ₹629 and targets of ₹780 and ₹820.
On Stocktwits, retail sentiment was ‘bullish’ amid ‘high’ message volume.
The stock has declined 9.3% so far in 2025.