Tata Teleservices Maharashtra gains on stake sale buzz
Tata Teleservices Maharashtra surged 7.52% to Rs 19.30, on high volumes following reports that the company is back in negotiations with South Korea Telecom for selling stake.
Reports add that TTML is looking to sell up to 9% for $ 275 - 300 million.The counter saw a high volume of 49.81 lakh shares on BSE. The stock had surged to a high of Rs 19.90.The stock has been consistently declining from Rs 19.94 on 12 October, to Rs 17.90 on 7 November, under sustained selling pressure.
Having crossed the 1 million mark in West Bengal, the company is now targeting a customer base of 1 million in the Kolkata Telecom Circle alone by end-March 2007. At present, the company's subscriber base in Kolkata is around 7,50,000 while the rest of West Bengal has around 2,50,000 Tata Indicom Mobile, Walky and PCO subscribers taken together.
TTML has set a record date of 28 October 2006, for its proposed rights issue. The company will offer equity shares on a rights basis in the ratio of 19 equity shares for every 100 equity shares at Rs 17 per share, a premium of Rs 7 over the par value.
TTML has posted a net loss of Rs 92.95 crore for Q2 September 2006 compared to a net loss of Rs 132.50 crore in Q2 September 2005. Net sales rose to Rs 340.06 crore from Rs 259.18 crore.
The company provides basic as well as cellular telecommunication services.
Reports add that TTML is looking to sell up to 9% for $ 275 - 300 million.The counter saw a high volume of 49.81 lakh shares on BSE. The stock had surged to a high of Rs 19.90.The stock has been consistently declining from Rs 19.94 on 12 October, to Rs 17.90 on 7 November, under sustained selling pressure.
Having crossed the 1 million mark in West Bengal, the company is now targeting a customer base of 1 million in the Kolkata Telecom Circle alone by end-March 2007. At present, the company's subscriber base in Kolkata is around 7,50,000 while the rest of West Bengal has around 2,50,000 Tata Indicom Mobile, Walky and PCO subscribers taken together.
TTML has set a record date of 28 October 2006, for its proposed rights issue. The company will offer equity shares on a rights basis in the ratio of 19 equity shares for every 100 equity shares at Rs 17 per share, a premium of Rs 7 over the par value.
TTML has posted a net loss of Rs 92.95 crore for Q2 September 2006 compared to a net loss of Rs 132.50 crore in Q2 September 2005. Net sales rose to Rs 340.06 crore from Rs 259.18 crore.
The company provides basic as well as cellular telecommunication services.
posted by SY at 6:14 PM
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