Tata Communications rose 0.25% to Rs 407.35 at 12:20 IST on BSE after the company and Indosat came together to provide a wide range of technology and communication solutions for Indonesian enterprises.
The announcement was made during market hours today, 26 March 2015.
Meanwhile, the S&P BSE Sensex was down 356.67 points or 1.27% at 27,755.16.
On BSE, so far 29,536 shares were traded in the counter as against average daily volume of 53,080 shares in the past one quarter.
The stock hit a high of Rs 409 and a low of Rs 402.40 so far during the day. The stock had hit a 52-week high of Rs 474.30 on 3 December 2014. The stock had hit a 52-week low of Rs 268.60 on 8 May 2014.
The stock had outperformed the market over the past one month till 25 March 2015, rising 0.73% compared with the Sensex's 3.09% fall. The scrip had however underperformed the market in past one quarter, dropping 7.48% as against Sensex's 3.32% rise.
The large-cap provider of a new world of communications has equity capital of Rs 285 crore. Face value per share is Rs 10.
Tata Communications said that the company and Indosat, one of Indonesia's largest telecommunication networks and services providers, came together to provide a wide range of technology and communication solutions for Indonesian enterprises' growing ICT requirements, while enhancing capabilities for global businesses looking to make inroads into the region.
This partnership combines Indosat's extensive regional coverage and expertise with Tata Communications' global connectivity and managed service capabilities to design a comprehensive portfolio of services for the Indonesian market. Indosat and Tata Communications are coming together to offer enterprises with Indonesia presence, a wide ranging set of services including Global Network, Value Added Services, Unified Communications and Security services, as well as several industry-specific solutions. This collaboration with Tata Communications is set to create additional choices for enterprises in the region while affording Indosat the convenience of working with a single global entity that provides end-to-end solutions across segments, thereby reducing cost and complexity when building itsenterprise portfolio in this region
According to reports, by 2018, the total Enterprise IT spending in the Indonesian market is expected to reach $14.09 billion, out of which telecom services will account for $4.96 billion and data centre services will account for $750 million. Tata Communications' customers, globally, will benefit from access to Indosat's local data centres and services, enabling these companies to seize new opportunities in the fast-growing Indonesian economy where the technology sector is rapidly flourishing.
Tata Communications' consolidated net profit rose 197.3% to Rs 108.53 crore on almost unchanged total income at Rs 5018.32 crore in Q3 December 2014 over Q3 December 2013.
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