Tata Teleservices (Maharashtra) rose 4.82% to Rs 8.05 at 9:44 IST on BSE after the company said it won telecom spectrum in 800 megahertz band in Mumbai and Maharashtra.
The announcement was made after trading hours on Friday, 27 March 2015.
Meanwhile, the BSE Sensex was up 232.60 points, or 0.85%, to 27,691.24.
On BSE, so far 48,000 shares were traded in the counter, compared with an average volume of 7.73 lakh shares in the past one quarter.
The stock hit a high of Rs 8.10 and a low of Rs 7.75 so far during the day. The stock hit a 52-week high of Rs 14.05 on 7 July 2014. The stock hit a 52-week low of Rs 7.01 on 1 April 2014.
The stock had underperformed the market over the past one month till 27 March 2015, falling 12.33% compared with 6.03% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 1.72% as against Sensex's 0.80% rise.
The small-cap company has an equity capital of Rs 1954.93 crore. Face value per share is Rs 10.
Tata Teleservices (Maharashtra) (TTML) said succeeded in winning additional spectrum of 2.5 megahertz (MHz) each in 800 MHz band in Mumbai and Maharashtra circles with bid values of Rs 1819 crore and Rs 1999 crore, respectively. The spectrum validity is for 20 years and the company has option of deploying technology of its choice in this spectrum. The total upfront payment to be made by TTML is at Rs 955 crore. This investment reaffirms the commitment to provide world class services to the customers.
This additional spectrum is in addition to the current holding of 3.75 MHz in Mumbai and 2.5 MHz in Maharashtra in 800 MHz band, where the company has an option to liberalize the spectrum in accordance with the terms of the Notice Inviting Application (NIA) released by the Department of Telecommunications (DoT). TTML also currently holds spectrum in 1800 MHz in Mumbai and Maharashtra and also 3G spectrum in 2100 MHz spectrum band in Maharashtra, TTML said.
The win in Mumbai and Maharashtra gives TTML the ability to offer premium 3G/4G services in the superior 800 MHz spectrum band post liberalization of the existing spectrum holdings in this band. This will enable TTML to further strengthen its position in the fast growing data segment, where 'Tata DOCOMO Photon' brand is a leader in this segment. The Group Company, Tata Teleservices (TTSL), which operates in 17 circles Pan India (other than Mumbai and Maharashtra) has also won 1800 MHz and 800 MHz in certain circles, the company added.
TTML reported net loss of Rs 169.08 crore in Q3 December 2014 compared with net loss of Rs 156.36 crore in Q3 December 2013. Total income from operations rose 8.26% to Rs 738.56 crore in Q3 December 2014 over Q3 December 2013.
TTML spearheads the Tata group's presence in the telephony sector in the telecom circles of Maharashtra (including Mumbai) and Goa.
Powered by Capital Market - Live News
