Tata Communications rose 1.39% to Rs 230 at 10:27 IST on BSE, with the stock extending Wednesday's 1.68% gains triggered by the company securing a five-year contract worth over $20 million from Mott MacDonald.
Meanwhile, the S&P BSE Sensex was up 99.92 points or 0.54% at 18,514.37.
On BSE, 13,000 shares were traded in the counter as against average daily volume of 18,122 shares in the past one quarter.
The stock hit a high of Rs 232.70 and a low of Rs 228.30 so far during the day. The stock had hit a 52-week high of Rs 266.35 on 26 July 2012. The stock had hit a 52-week low of Rs 190.65 on 22 May 2012.
The stock had outperformed the market over the past one month till 10 April 2013, sliding 1.11% compared with the Sensex's 6.45% fall. The scrip had, however, underperformed the market in past one quarter, declining 7.37% as against Sensex's 6.35% fall.
The mid-cap company has equity capital of Rs 285 crore. Face value per share is Rs 10.
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Shares of Tata Communications have risen 3.09% in two trading sessions from Rs 223.10 on 9 April 2013, after the company during trading hours on Wednesday, 10 April 2013, said it has been selected by Mott MacDonald as its global telecommunications partner for the next five years in a deal worth over $20 million. The stock had risen 1.68% to settle at Rs 226.85 on Wednesday, 10 April 2013.
Tata Communications said it was chosen by Mott MacDonald as its global telecommunications partner as a result of the company's comprehensive range of integrated and unified communications solutions that will allow the diverse global management, engineering and development consultancy to consolidate its multiple regional systems onto a single platform. The move will create new levels of global collaboration as well as a solid competitive advantage, Tata Communications said in a statement.
Tata Communications said that the deal marks a strategic alliance between the two companies which will provide renewed centralised communications for Mott MacDonald. The significant investment by the consultancy will further enhance project collaboration between nearly 15,000 employees across 50 countries worldwide. Tata Communications' redesign of its WAN environment and infrastructure for global unified communications will enable Mott MacDonald to centralise business collaboration tools such as document management systems into the cloud, allowing enhanced accessibility for projects requiring real-time international collaboration. It will also create new levels of communication throughout the organisation, optimising Mott MacDonald's investment in Microsoft Lync as the common global communications tool for both internal and external communication, Tata Communications said in a statement.
On consolidated basis, Tata Communications reported net loss of Rs 201.01 crore in Q3 December 2012, higher than net loss of Rs 153.06 crore in Q3 December 2011. Net sales rose 23% to Rs 4434.11 crore in Q3 December 2012 over Q3 December 2011.
Tata Communications along with its subsidiaries is a leading global provider of a new world of communications. The Tata Global Network includes one of the most advanced and largest submarine cable networks, a Tier-1 IP network, with connectivity to more than 200 countries across 400 PoPs, and nearly 1 million square feet of data center and collocation space worldwide. The company has strategic investments in South Africa (Neotel), Sri Lanka (Tata Communications Lanka) and Nepal (United Telecom).
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