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Tata Teleservices (Maharashtra) zooms 72% in 3 days, hits 52-week high

Till 10:31 am, a combined 19 million shares, representing 3.8 per cent of the company's total free-float equity, had changed hands on the BSE and NSE

Tata Teleservices | Buzzing stocks | Markets

SI Reporter  |  Mumbai 

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Shares of (Maharashtra) (TTML) were locked in upper circuit for the third straight day, up 20 per cent at Rs 4.86 on the BSE on Wednesday on the back of heavy volumes. The stock of the Tata group telecom services company was trading at its 52-week high. It has zoomed zoomed 72 per cent in the past three days from the level of Rs 2.82 on Friday.

Till 10:31 am, a combined 19 million shares, representing 3.8 per cent of total free-float equity of TTML, had changed hands on the BSE and NSE. There were pending buy orders for 5.9 million shares on both the exchanges, data shows. In comparison, the S&P BSE Sensex was up 0.89 per cent at 40,906 points.

According to Business Standard report, the Tata group is looking at reviving by taking the latter’s technical expertise and enterprise solutions for its SuperApp, which is being built. The Tata SuperApp is expected to bring the entire group’s products as well as services under one platform and enable sales to consumers directly. The SuperApp is targeted to be launched by December this year, the report suggests. CLICK HERE FOR FULL REPORT

As of September 30, 2020, the promoters, (48.30 per cent), Tata Sons Private Limited (19.58 per cent) and Tata Power (6.48 per cent) have collectively held 74.36 per cent stake in TTML. While, individual public shareholders hold 22.89 per cent stake in the company, shareholding pattern data shows.

TTML provides telecommunication services to its subscribers in Mumbai and Rest of Maharashtra (including Goa) telecom circles. Tata Teleservices (TTSL) provides telecommunication services in Pan India, except Mumbai, Rest of Maharashtra (including Goa), Jammu & Kashmir, North East and Assam.

TTSL also operates and maintains National Long Distance service network within territorial boundaries of India under license granted by Government of India. TTML and TTSL share certain infrastructure between them to achieve optimum cost of operations and also seamless connectivity as part of offering such services across the Country to their respective subscribers. TTML and TTSL are conducting business under one single brand ‘Tata Tele Business Services’ with no overlapping geographies or conflicting businesses.

TTML has successfully completed the demerger transaction of its consumer mobile business to Bharti Airtel on July 1, 2019. The company in 2019-20 annual report said, the enterprise segment of the telecom business is projected to witness growth in the years to come on the basis of wide optical fiber network of around 132,000 kms. (TTSL+TTML).

The strong brand presence across customers in this business with deep customer relationships, the wide range of customized solutions enabling to service as an “A One Stop Shop” for meeting needs of enterprise customers and enhancement of the Product portfolio, including Managed Services, it said.

The Company further said it may also explore opportunities to strategically restructure certain business lines/assets at an appropriate time.

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First Published: Wed, October 21 2020. 10:51 IST