Quadrant Tele surges after receiving license to provide internet services across India

Quadrant Televentures was locked at 5% upper circuit at Rs 3.79 at 15:55 IST on BSE after the company said that the Department of Telecommunications granted license permitting the company to provide internet services all over India.

The company made the announcement after market hours yesterday, 6 January 2015.

Meanwhile, the BSE Sensex was down 24.86 points, or 0.09%, to 26,950.69.

On BSE, so far 6.69 lakh shares were traded in the counter, compared with an average volume of 21,110 shares in the past one quarter.

The stock hit a high of Rs 3.79 and a low of Rs 3.46 so far during the day. The stock hit a 52-week high of Rs 5.15 on 29 December 2014. The stock hit a 52-week low of Rs 2.45 on 31 March 2014.

The stock of telecom company had outperformed the market in past one quarter, rising 1.98% as against Sensex's 1.58% rise.

Quadrant Televentures said that the Department of Telecommunications (DoT) has on 6 January 2015 granted to the company a "Unified License - ISP (Category- A) thereby permitting the company to provide internet services all over India. Earlier, the company was providing internet services in the Punjab Telecom Circle only under the "ISP (Category-B) License" granted by DoT for operations in Punjab Telecom Circle only.

Quadrant Televentures reported net loss of Rs 68.39 crore in Q2 September 2014 compared with net loss of Rs 95.20 crore in Q2 September 2013. Total income rose 27.3% to Rs 127.77 crore in Q2 September 2014 over Q2 September 2013.

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