Tata Teleservices jumps 6% on merger talks
Subsequent to the development, Tata Teleservices gained 6% to Rs 7.75 per share on the BSE.
The two companies have held tentative talks to evaluate a mega alliance involving their telecom, overseas cable and enterprise services, and direct-to-home TV businesses, the report added.
Discussions between both sides have revolved around a possible merger between Tata Teleservices, Tata Sky and Tata Communications with the Sunil Mittal-owned Bharti Airtel which includes its wholly-owned DTH arm.
Stock view :-
Tata Teleservices (Maharashtra) Ltd is currently trading at Rs 7.89, up by Rs 0.58 or 7.93% from its previous closing of Rs 7.31 on the BSE.
The scrip opened at Rs 7.75 and has touched a high and low of Rs 7.98 and Rs 7.61 respectively. So far 9743627(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1429.05 crore.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 10.48 on 02-Mar-2017 and a 52 week low of Rs 5.42 on 30-Sep-2016. Last one week high and low of the scrip stood at Rs 7.5 and Rs 6.7 respectively.
The promoters holding in the company stood at 74.86 % while Institutions and Non-Institutions held 0.5 % and 24.63 % respectively.
The stock is currently trading above its 100 DMA.
Tata Teleservices (Maharashtra) Ltd :-
BSE 8.29 0.98 (13.41%)
NSE 8.25 0.95 (13.01%)