Tata Teleservices hit the upper circuit for 14th straight trading day

On the back of improved outlook and support from the group, Tata Teleservices Maharashtra (TTML) shares have touched an upper circuit of 5 per cent and hit a new life high of Rs 129.45 per share for the 14th session in a row on Friday.

The Tata Group-backed company counter has nearly doubled and surged almost 100 per cent since November 12, 2021, from 65.7 per share on the BSE. The share price of TTML has soared around 270 per cent in the last two months as against a 0.62 per cent rise in the S&P BSE Sensex.

In the last one year, the stock has jumped over 1650 per cent from Rs 7.39 per share to Rs 129.45 per share on the BSE.

Being a market leader in the enterprise space, Tata Teleservices (TTSL) and its subsidiary Tata Teleservices (Maharashtra) offers an inclusive portfolio of voice, data, and managed services to enterprises and carriers under the brand name Tata Tele Business Services (TTBS).

Earlier during its September-end quarter results for FY22, the telecom company had said that the company has received a support letter from the promoter indicating that they will take requisite actions to organize for any shortfall in liquidity during the period of 12 months from the balance sheet date.

The Tata Group-backed company has expressed confidence in its ability to meet the funds’ requirement and to continue its business as a going concern on the back of promoter assurance. The Tata Group companies have a combined holding of 74.36 per cent in TTML.

Along with Vodafone Idea and Bharti Airtel, the company has informed the Department of Telecommunication (DoT) about its decision to opt for deferment of Its Adjusted Gross Revenue (AGR) related dues by four years.

TTML had narrowed its net loss to Rs 632 crore during the first half of the financial year 2021-22 from Rs 1,410 crore during the same period of FY21. ZeeBiz