Tata Teleservices (Maharashtra) (TTML) jumped 11.06% to Rs 141.60, extending gains for the third trading session.
Shares of the telecommunication company surged 56.64% in three trading sessions from its recent closing low of Rs 90.40 on 29 August 2022.
On the BSE, 73.70 lakh shares were traded in the counter so far compared with average daily volumes of 26.32 lakh shares in the past two weeks. The stock hit a high of Rs 149 and a low of Rs 130.5 so far during the day.
The stock hit a 52-week high of Rs 291.05 on 11 January 2022. The stock hit a 52-week low of Rs 33.3 on 07 September 2021.
The stock had outperformed the market over the past one month, jumped 24.98% compared with 1.19% rise in the Sensex.
The scrip had outperformed the market in past three months, rising 15.83% as against Sensex's 5.39% rise.
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The counter had also outperformed the market in past one year, up 283.22% as against Sensex's 1.69% rise.
On the technical front, the stock's daily RSI (relative strength index) stood at 74.877. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day and 100-day simple moving average (SMA) placed at 113.51 and 125.90 respectively. These levels will act as crucial support zones in near term.
TTML is a leading player in the connectivity and communication solutions market serving enterprise customers. With services ranging from connectivity, collaboration, cloud, security, IoT and marketing solutions, it offers a comprehensive portfolio of ICT services for businesses in India under the brand name Tata Tele Business Services (TTBS).
The company reported a net loss of Rs 295.10 crore in Q1 FY23 as against Rs 318.45 crore posted in Q1 FY22. Net sales declined marginally to Rs 266.48 crore in the first quarter from Rs 268.03 crore recorded in the same period last year.
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