Tata Telecom continues its upward march

DALAL STREET SPIKES

The share price of Tata Telecom hit a four-year high of Rs 309 in intra-day trades on Tuesday. The share closed at Rs 305.30, up 6.84 per cent from its previous close, on the BSE.

The counter witnessed a volume of more than 61,000 shares. The stock has been active ever since the company's board approved the acquisition of Tata group's 25.1 per cent stake by Avaya and also a change in name to Avaya GlobalConnect. From Rs 252.30 on August 2, 2004, the stock has appreciated to Rs 309.

In April 2004, the US based Avaya took control of Tata Telecom by buying out the Tatas' entire 25.1 per cent stake in the company. This was followed by an open offer for a minimum of 20 per cent of Tata Telecom's paid up equity capital, at Rs 220 per share.