Tata Communications rose 2.17% to Rs 368 at 11:01 IST on BSE on reports that a foreign brokerage has re-initiated coverage on the stock with a buy rating.
Meanwhile, the BSE Sensex was up 94.59 points, or 0.36%, to 26,654.74
On BSE, so far 34,707 shares were traded in the counter, compared with an average volume of 68,410 shares in the past one quarter.
The stock hit a high of Rs 369.50 and a low of Rs 362.05 so far during the day. The stock hit a 52-week high of Rs 412 on 7 August 2014. The stock hit a 52-week low of Rs 160 on 4 September 2013.
The stock had underperformed the market over the past one month till 27 August 2014, falling 3.52% compared with 1.66% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 6.93% as against Sensex's 8.19% rise.
The large-cap company has an equity capital of Rs 285 crore. Face value per share is Rs 10.
A foreign brokerage has reportedly re-initiated coverage on the Tata Communications stock with a buy rating. The company is back on growth and profitability track and its core business turnaround will be led by enterprise data, the foreign brokerage reportedly said.
On a consolidated basis, Tata Communications reported a net loss of Rs 21.38 crore in Q1 June 2014 as compared to net profit of Rs 94.52 crore in Q1 June 2013. Net sales jumped 13.6% to Rs 5111.72 crore in Q1 June 2014 over Q1 June 2013.
Tata Communications along with its subsidiaries is a leading global provider of A New World of Communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers. The Tata Communications global network includes one of the most advanced and largest submarine cable networks and a Tier-1 IP network with connectivity to more than 200 countries and territories across 400 PoPs, as well as nearly 1 million square feet of data centre and collocation space worldwide.
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