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Business News/ Markets / Stock Markets/  Tata Teleservices shares up 30% in last two trading sessions
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Tata Teleservices shares up 30% in last two trading sessions

Tata Teleservices has posted a net profit of ₹277.07 crore for the quarter ended March 2023.

At today's intraday high price, Tata Teleservices scrip has surged 28.11 per cent in just two days.Premium
At today's intraday high price, Tata Teleservices scrip has surged 28.11 per cent in just two days.

The shares of Tata Teleservices is nearly 15 per cent up on Thursday extending their gains for the second straight session. The stock jumped 18.43 per cent to hit a day high of 80.89 over its previous close of 68.30.

The company's shares were trading 14.77 per cent at 78.39 on BSE, while it touched an intraday high of 80.89. At today's intraday high price, the company's scrip has surged 28.11 per cent in just two days.

Tata Teleservices has posted a net profit of 277.07 crore for the quarter ended March 2023. This is against 279.79 crore in the quarter ended December 2022.  Revenue from operations stood at 280.13 crore in Q4 FY23.

As of March 2023, promoters held 74.36 per cent of the company. Tata Teleservices owned 48.30 per cent, while Tata Sons (holding company of Tata Group) and Tata Power accounted for 19.58 per cent and 6.48 per cent, respectively, of the total shareholding.

Tata Teleservices provides connectivity and communication solutions to enterprise customers. With services ranging from connectivity, collaboration, cloud, security, IoT and marketing solutions, it offers a portfolio of ICT services for businesses in India under the brand name Tata Tele Business Services (TTBS). TTBS provides integrated telecom solutions to enterprises and offers one-stop-shop business solutions along with managed services.

In a separate development, the Union Cabinet has approved an 89,047 crore revival package for loss-making Bharat Sanchar Nigam Ltd (BSNL) to help the state-owned telecom operator deploy 4G and 5G services in a market dominated by private players.

The move came just days after BSNL partnered with IT giant Tata Consultancy Services (TCS) to help deploy the 4G network. This is in stark contrast in comparison with the telecom sector as its larger rivals are rolling out the next-generation 5G network.

Meanwhile, Indian equity benchmarks slipped into the red today despite the Reserve Bank keeping the key policy (repo) rate unchanged, at 6.50 per cent, in its June bi-monthly policy meeting. The domestic indices, which were revolving close to their yesterday's record closing highs, slipped in afternoon trade amid profit booking.

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Published: 08 Jun 2023, 03:15 PM IST
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