GTL Infrastructure was locked at 5% upper circuit at Rs 3.16 at 14:09 IST on BSE after the company said it has entered into Master Services Agreement for tower infrastructure sharing with Reliance Jio Infocomm, a subsidiary of Reliance Industries.
The announcement was made after market hours on Thursday, 18 September 2014.
Shares of Reliance Industries were down 0.42% at Rs 1,000.25.
Meanwhile, the S&P BSE Sensex was up 31.19 points or 0.12% at 27,143.40.
On BSE, so far a whopping 2.46 crore shares of GTL Infrastructure (GTL Infra) exchanged hands as against average daily volume of 9.26 lakh shares in the past one quarter.
The stock hit a low of Rs 3.08 so far during the day. The stock had hit a 52-week high of Rs 4.10 on 9 June 2014. The stock had hit a record low of Rs 1.34 on 20 March 2014.
The stock had outperformed the market over the past one month till 18 September 2014, surging 18.04% compared with the Sensex's 2.73% rise. The stock had, however, underperformed the market in past one quarter, declining 9.88% as against Sensex's 7.39% rise.
The small-cap company has equity capital of Rs 2319.51 crore. Face value per share is Rs 10.
Reliance Jio Infocomm (Reliance Jio), a subsidiary of Reliance Industries (RIL) and GTL Infra announced the signing of a Master Services Agreement (MSA) for tower infrastructure sharing.
GTL Infra, together with Chennai Network Infrastructure (CNIL), has a combined tower portfolio of more than 27,800 towers spread across 22 telecom Circles in India, and serving all the major telecom operators. The company has a pan India tower portfolio that is balanced across key growth regions of Metros and B & C class circles.
Reliance Jio is the first telecom operator to hold pan India unified license.
GTL Infrastructure reported a net loss of Rs 156.12 crore in Q1 June 2014, higher than net loss of Rs 88.87 crore in Q1 June 2013. Net sales rose 3.1% to Rs 145.79 crore in Q1 June 2014 over Q1 June 2013.
GTL Infra is a pioneer in shared passive telecom infrastructure. GTL Infra builds, owns, operates and maintains passive network infrastructure (towers) in order to cater to the rapidly growing infrastructure needs of cellular telecom operators.
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