Tata Communications rose 1% to Rs 676.70 after the company said that Thai start-up DRVR has partnered with the company to revolutionise Asia's first smart fleet network.The announcement was made before market hours today, 6 December 2017.
Meanwhile, the BSE Sensex was down 42.57 points, or 0.13%, to 32,759.87.
On the BSE, 5,190 shares were traded in the counter so far, compared with average daily volumes of 40,619 shares in the past one quarter. The stock had hit a high of Rs 678.45 and a low of Rs 671 so far during the day. The stock had hit a 52-week high of Rs 784 on 17 March 2017. The stock had hit a 52-week low of Rs 570.45 on 10 August 2017.
The stock had underperformed the market over the past one month till 5 December 2017, falling 2.81% compared with 2.62% drop in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.53% as against Sensex's 3.12% rise. The scrip had also underperformed the market in past year, gaining 5.25% as against Sensex's 24.49% rise.
The large-cap company has equity capital of Rs 285 crore. Face value per share is Rs 10.
Tata Communications said that the international fleet management application provider, DRVR has selected Tata Communications as its global IoT connectivity partner to help achieve its objective of making Asia's vehicle fleets the smartest and most cost-efficient in the world. Leveraging Tata Communications' mobility solution-MOVE, DRVR can convert information collected from vehicles across Thailand, Myanmar, Philippines and Indonesia into actionable insights to help drive efficiencies and improve cost savings through smarter fleet management.
Vehicles in fleets using DRVR technology have been fitted with Tata Communications' MOVE-IOT Connect SIM technology. The sensors transmit data collected in real-time using Tata Communications' MOVE, which seamlessly connects services using the best available local cellular network. The DRVR application then processes and analyses this data, turning it into actionable intelligence further illustrating fleet performance metrics on any device, mobile or laptop.
This means that faster and better informed decisions can be made as fleet managers have a more holistic view of everything that is happening across the fleet, communicating updates in real time; on a highly secure infrastructure ultimately leading to more effective and robust operations on the ground.
Tata Communications' MOVE service will be rolled out to DRVR customers through its smart fleet management applications. Tata Communications MOVE is part of the company's long-term strategy for its mobility services portfolio and its vision of creating an access and usage agnostic, cross-border mobile experience for people and things.
The platform is underpinned by Tata Communications' global network and partnerships with several hundred mobile communications service providers globally. The service enables DRVR to roam across different service providers in any of its covered regions without having to negotiate agreements with multiple providers or pay extra fees.
On a consolidated basis, Tata Communications reported net loss of Rs 248.42 crore in Q2 September 2017 compared with net profit of Rs 40.49 crore in Q2 September 2016. Net sales dropped 6.5% to Rs 4217.61 crore in Q2 September 2017 over Q2 September 2016.
Tata Communications along with its subsidiaries is a leading global provider of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.
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