Shares of Tata’s telecom company lost almost 0.5 percent after a US based hedge fund sold stake.
At 12.45, 5th october shares of Tata communication Ltd were trading at Rs. 1856.10 per share, down by 0.42 percent from previous closing price of Rs. 1863.95 per share.
East Bridge Capital Management is a US based hedge fund that focuses on Indian equities. One of the funds in east bridge capital management sold 10,05,000 shares of Tata communication which is about 0.35 percent of the company. Earlier hedge fund held 3.54 percent stake in the company, after the sale they are holding 3.19 percent stake in the company.
Looking at the financial reports, the company’s revenue has increased by 10.69 percent to Rs. 4,771.36 crores in Q1FY24 from Rs. 4,310.52 in Q1FY23. In the same time period, the company’s net profit decreased by 29.81 percent to Rs. 381.69 crores from Rs. 543.76 crores.
Talking about the financial ratios, the company reported return on equity (ROE) of 144.48 percent and return on capital employed (ROCE) of 27.92 percent in the last financial year.
Tata communications Ltd is an Indian telecommunications company. The company is engaged in the business of providing network services and software defined network platforms, such as Ethernet, SD-WAN, content delivery networks etc.
Written by Vinit Israni
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