Shares of this large-cap Tata Group stock hit its 52-week high mark after it launched a 5G roaming lab. In the last six months, the stock has gained over 50 percent from Rs 1,205.45 to the current price level.
With a market capitalization of Rs 51,633.45 crores, the stocks of Tata Communications Limited started their trading session on Wednesday at Rs 1,794.20 and currently trade at Rs 1,811.70.
The company’s scrip witnessed an intra-day high, also marked as the new 52-week high level, of Rs 1,831.95 indicating a gain of around 2.81 percent as compared to the previous close of Rs 1,781.85 apiece.
One of the probable reasons for the company’s stock price to surge today is comprising a regulatory which it published with the Bombay Stock Exchange (BSE) today.
The filing is pertaining to an announcement regarding the launch of a global, cloud-based 5G Roaming Lab which will enable the Mobile Network Operators (MNOs) to trial the 5G standalone network use cases prior to introducing the 5G services to their subscribers.
Tata Communications, with the launch of such a lab, is harnessing the potential of 5G networks to reimagine the mobility experiences for consumers as well as enterprise customers.
During the recent quarters, the company has been able to consistently increase its operating revenues with the most recent movement being from Rs 4,568.66 crores during Q4FY22-23 to Rs 4,771.36 crores during Q1FY23-24. Moreover, the after-tax profits took a shift up from Rs 317.35 crores to Rs 373.24 crores keeping the timeframe the same.
According to the shareholding data available for the June 2023 quarter, the company’s Promoters hold a 58.86 percent stake, and the Foreign Institutional Investors (FIIs) holding a considerable stake of 17.18 percent in the company.
Tata Communications Limited is primarily involved in the business of providing national as well as international voice & data transmission services among other value-added services such as broadband services, etc.
Written by Amit Madnani
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