Tata Communications said it will provide global internet and cyber security services to Singapore's Kacific Broadband Satellites Group.
Shares of Tata Communications surged 7.77% to Rs 450.70. Over 1.87 lakh shares of the company changed hands in the counter as compared to its two week average trading volume of nearly 50,000 shares.
Kacific Broadband Satellites Group (Kacific) has selected Tata Communications to provide terrestrial connectivity services as it readies for the launch of its first satellite, Kacific1. Tata Communications will provide global internet and cyber security services for Kacific's Ka-band satellite network. The announcement was made before market hours today, 28 November 2019.
Meanwhile, Tata Communications appointed Amur Swaminathan Lakshminarayanan as the managing director & chief executive officer for five years with effect from 26 November 2019.
Tata Comm's consolidated net profit surged 2,583.7% to Rs 55.82 crore on 5% increase in net sales to Rs 4,272.76 crore in Q2 September 2019 over Q2 September 2018.
Tata Communications is a leading digital infrastructure service provider and is one of the world's largest telecommunication companies with a global network reaching over 200 countries and territories.
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On the technical front, the stock's RSI (relative strength index) stood at 75.19. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day placed at Rs 356.58 but was below it 200-day moving average (DMA) placed at Rs 474.06.
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