I haven’t tracked this promoter acquisition of time techno shares. But here according to latest concall a definite time line is given for sale of stake in overseas subsidiaries. And a rough estimate figure of 800 crores to be received for sale of 80% stake in these subsidiaries has been disclosed. While the number may vary a little bit here or there, it remains a significant number as compared to the debt 865 crores, as also the market cap of 3900 crores.
The key takeaway for me here is that management is walking the talk that they have been talking since past nearly 3-4 quarters. Which is reduction of debt by cash flows and subsidiary stake sale (material impact needs to be seen) , and improvement in topline and bottomline and improvement in return ratios (has been visible since past few quarters, more so in the latest quarter.)
Technically the stock price was stuck in a range of 140-160 from August 2023 to October 2023 and now has moved above this range. The current range of consolidation co incides with the distribution ranges when it fell down from all time highs of 232 posted in 2018. 115 to 165 was a big trading range during May 2018 to October 2018 and its upper range has now acted as a strong resistance and which has been overcome as of now. Next range of resistance based on same theory going ahead would be at around 180-185. And then final band of resistance of 220-230. If and when that is crossed, we can see strong moves. disc: invested as disclosed before and biased. .
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