Tata Communications erases gains, ends down 2%

The scrip erased all its gains and slipped into the negative to touch a low of Rs 356 and finally ended at Rs 362, down 2% from the previous close. The counter witnessed trades of 36,792 shares on the BSE as compared to the two-week daily average traded volumes of 4,417 shares on the BSE. 
______________________________________________

(Updated at 1037hrs)

Tata Communications has moved up on news that it has signed an agreement with the Qatar-based Qtel for a new undersea cable network that will connect regional operators in the Gulf region with the country.

The Tata company  is trading at Rs 373, higher by Rs 3 or 1%, on the BSE. The stock had opened at Rs 371, which was also the day's low, and has touched a high of Rs 374 thus far.

The total length of the cable system within the Gulf region would stretch some 4,469 km, from Mumbai to Oman and onto Kuwait, and would connect Tata Communications’ global cable and backhaul network.