TTML surges on record subscriber addition

The stock surged further to a high of Rs 37 - up 7%. The stock, however, slipped from the high and ended with a gain of 5% at Rs 36.30. Over 7.46 million shares changed hands at the counter today, comparatively higher than the two-week daily average trade of 1.56 million.
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(Updated at 1037 hrs)

Tata Teleservices Maharashtra (TTML) has surged in early trades on addition of 34 lakh new subscribers.

The stock opened at Rs 35.45 and surged 7% to touch a high of Rs 36.95. The stock is now trading with a gain of 5.3% at Rs 36.40. The counter has witnessed extremely heavy trade volums of 2.56 million shares as against the two-week daily average trade of 1.56 million shares on the BSE.

TTML has added 34 lakh new subscribers in August 2009 which is the highest ever. The nearest competitor was able to add just over 28 lakh subscribers in the same period. This healthy growth has resulted in the company emerging as the number one telecom operator in the country in terms of subscriber additions in a month.