Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Tata Teleservices swings to profit in FY11
BackBack

Tata Teleservices swings to profit in FY11

Tata Teleservices swings to profit in FY11

Premium

Mumbai: Telecom services provider Tata Teleservices (Maharashtra)(TTML) said on Tuesday it swung to profit in the year-ended 31 March, boosted by a one-time gain from sale of investment in its tower unit.

The firm, which provides wireless services under the Tata Indicom and Tata DoCoMo brands, posted a standalone net profit of 49.9 crore on net sales of 2,2500 crore. It had a net loss of nearly 300 crore in FY10.

It made a profit of 830 crore from sale of long-term investment in 21st Century Infra Tele Ltd in the quarter-ended June to Viom Networks Ltd, it said in a statement to the National Stock Exchange.

TTML, which has a subscriber base of 16.9 million, paid a licence fee of 1,260 crore for 3G spectrum in Maharashtra circle, which was capitalised during the June quarter, it added.

Shares in the firm, which the market values at $766.5 million, rose as much as 20% immediately after the results but pared gains to close up 6.7% at 19.05 in a weak Mumbai market.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 26 Apr 2011, 04:06 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie