Shares of this large-cap Tata Group stock hit their 52-week high post announcing a partnership with NVIDIA, a global corporation manufacturing mobile technologies, graphics processors, and desktop computers.
With a market capitalization of Rs 55,030.65 crores, the stocks of Tata Communications Limited, a large-cap stock under the Tata Group universe, opened their trading hour on Monday at Rs 1,939.95 which is also seen to be the company’s new 52-week high mark.
The intra-day high levels exhibit a gain of around 2.8 percent as compared to the previous closing levels of Rs 1,886.40 apiece.
The bullish movements in the company’s stock were observed after an announcement of a collaboration with “NVIDIA Corporation”, a US-based company, to deliver Artificial Intelligence (AI) computing infrastructure as well as platforms pertaining to the development of AI solutions.
The robust global network of Tata Communications combined with the AI cloud will empower many enterprises to transfer data across the AI cloud at high speeds, bringing the AI cloud to every enterprise’s doorstep.
“Our partnership with NVIDIA will democratize access to AI infrastructure, accelerate build-out of AI solutions and enable upgradation of AI talent at scale.”, commented Mr. N. Chandrasekaran, Chairman of Tata Sons.
The financial numbers of the company, during the recent quarters, have shown decent growth with the operating revenues going up from Rs 4,568 crores during Q4FY22-23 to Rs 4,771 crores during Q1FY23-24, and, the net profits increasing from Rs 317 crores to Rs 373 crores during the same time period.
The latest shareholding pattern of the company, as per the quarter ended June 2023, portrays the Promoters holding a 58.86 percent stake, and the Foreign Institutional Investors (FIIs) holding a 17.18 percent stake in the company.
Tata Communications Limited is primarily engaged in the business of providing national & international voice as well as data transmission services, broadband services, and many other value-added services to its customers.
Written by Amit Madnani
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