Tata Communications surges nearly 9%; hits record high

IIFL Securities has initiated coverage on Tata Communications with a target price of Rs 1,568 (SoTP based) and an ADD rating.

Shares of Tata Communications, a global digital ecosystem enabler, hit a record high of Rs 1,542, and rallied 9 per cent on the BSE in Wednesday’s intra-day trade. The stock of the Tata Group firm surpassed its previous high of Rs 1,540 touched on October 19, 2021. It was included in the Futures & Options (F&O) segment from December 31, 2021.

On Tuesday, Tata Communications and Zain KSA announced that they had entered a strategic engagement to fuel digital transformation journeys of enterprises and government organisations in the Kingdom of Saudi Arabia (KSA). Zain KSA is a leading telecom