Tata Teleservices (Maharashtra) jumped 7.98% to Rs 7.17 at 10:01 IST on BSE, extending Wednesday's 10% spurt triggered by the company's board proposing bonus issue of shares to non-promoters.
The company made the announcement during market hours on Wednesday, 19 June 2013. The stock hit an upper circuit limit of 10% to Rs 6.64 on that day.
Meanwhile, the S&P BSE Sensex was down 400.58 points, or 2.08%, to 18,845.12.
On BSE, 12.56 lakh shares were traded in the counter as against an average daily volume of 7.72 lakh shares in the past one quarter.
The stock hit a high of Rs 7.20 and a low of Rs 6.75 so far during the day. The stock had hit a 52-week high of Rs 14.82 on 5 July 2012. The stock had hit a 52-week low of Rs 4.98 on 13 June 2013.
The stock had underperformed the market over the past one month till 19 June 2013, sliding 18.02% compared with the Sensex's 5.13% fall. The scrip had also underperformed the market in past one quarter, falling 24.97% as against Sensex's 1.25% rise.
The small-cap company has an equity capital of Rs 1897.20 crore. Face value per share is Rs 10.
Tata Teleservices (Maharashtra) said that its board proposed to issue bonus shares with the promoter/promoter group forgoing their entitlement to the bonus shares in order to comply with the minimum public shareholding requirement as stipulated under the Securities Contracts (Regulations) Rules, 1957, as amended.
Promoters currently held 77.21% stake in TTML (as per the shareholding pattern as on 3 June 2013).
TTML reported a net loss of Rs 115.23 crore in Q4 March 2013, lower than net loss of Rs 123.40 crore in Q4 March 2012. Net sales rose 3.3% to Rs 669.18 crore in Q4 March 2013 over Q4 March 2012.
TTML spearheads the Tata group's presence in the telephony sector in the telecom circles of Maharashtra (including Mumbai) and Goa.
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