Tata Communications hits 52-week high
The stock rallied 8% to RS 519, extending its Wednesday's 6% surge on the BSE.
 "Tata Communications hits 52-week high")
Tata Communications has moved higher to its 52-week high of Rs 519, up 8%, extending its Wednesday’s 6% surge on the BSE, after the Lok Sabha passed the Taxation Laws (Amendment) Bill.
The Bill, when enacted, will put to rest the Tata Communications- Videsh Sanchar Nigam Limited (VSNL) surplus land issue and boost the government’s plans for non-core asset sales in large public sector undertakings (PSUs) that have land banks, the Business Standard report suggests.
The move would also enable Tata Communications to raise non-debt funds, which it was not able to because of the dispute, and improve its debt-equity ratio, added report. LINK
At 10:23 am, the stock was up 6% at Rs 510 on the BSE, as compared to 0.07% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than three-fold with a combined 2.56 million shares changed hands on the BSE and NSE so far.
The Bill, when enacted, will put to rest the Tata Communications- Videsh Sanchar Nigam Limited (VSNL) surplus land issue and boost the government’s plans for non-core asset sales in large public sector undertakings (PSUs) that have land banks, the Business Standard report suggests.
The move would also enable Tata Communications to raise non-debt funds, which it was not able to because of the dispute, and improve its debt-equity ratio, added report. LINK
At 10:23 am, the stock was up 6% at Rs 510 on the BSE, as compared to 0.07% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than three-fold with a combined 2.56 million shares changed hands on the BSE and NSE so far.