Tata Comm gains on talk of sale of data centre biz

Shares of Tata Communications are trading higher by 3% in an otherwise weak market on reports stating that two gigantic global firms Google Inc and Amazon are planning to bid for acquiring the telecom and internet service provider's data centre business. CLICK FOR FULL REPORT

The report said that the search engine giant Google Inc and ecommerce behemoth Amazon are in talks with the Tata Group to purchase the data centre business of Tata Communications in a deal that is expected to fetch the company approximately Rs 4,261.4 crore-Rs 4,589.2 crore ($650-700 million).

Tata Communications had posted a net loss of Rs 34 crores for the first quarter ended June, 2015 as aginst a net loss of Rs 22 crores in the same quarter previous year. 

The stock opened at Rs 409 and touched a high of Rs 418 on the BSE. A total of 117,123 shares changed hands on the BSE so far.