Tata Comm inks deal with Singapore-based firm; stock zooms 28% in two days

Shares of Tata Communications rallied 11 per cent on the BSE on Thursday to hit a fresh 52-week high of Rs 465 after the company and Singapore-based Kacific inked a global IP connectivity and cyber security deal. In the past two trading days, the stock has zoomed 28 per cent from its Tuesday’s closing price of Rs 364 on the BSE.

“Kacific Broadband Satellites Group (Kacific) has selected Tata Communications, a leading global digital infrastructure provider, to provide terrestrial connectivity services as it readies for the launch of its first satellite, Kacific1,” Tata Group Company said in a press release.

Tata Communications will provide global internet and state-of-the-art cyber security services for Kacific’s Ka-band satellite network.

Tata Communications is a leading digital infrastructure service provider and is one of the world’s largest telecommunication companies with a global network reaching over 200 countries and territories.

Kacific1 is a High Throughput Satellite (HTS) that will use 56 high-power Ka-band beams to deliver affordable, high-speed broadband to telecommunications companies, internet service providers and governments in South East Asia and the Pacific.

At 11:24 am, the stock was trading 5 per cent higher at Rs 440 on the BSE, as compared to a marginal 0.03 per cent rise in the S&P BSE Sensex. The trading volumes on the counter jumped over four-fold with a combined 2.95 million shares changing hands on the NSE and BSE so far.