Tulip Telecom rose 2.53% at Rs 107.25 at 10:49 IST on BSE after the company tied up Rs 400 crore through debt and internal accruals for redemption of outstanding foreign currency convertible bonds.
The announcement was made after market hours on Tuesday, 7 August 2012
Meanwhile, the BSE Sensex was up 38.53 points, or 0.22%, to 17,640.31.
On BSE, 29,000 shares were traded in the counter as against an average daily volume of 5.02 lakh shares in the past one quarter.
The stock hit a high of Rs 109 and a low of Rs 105 so far during the day. The stock had hit a 52-week high of Rs 166.90 on 19 September 2011. The stock had hit a 52-week low of Rs 65.65 on 26 July 2012.
The stock had underperformed the market over the past one month until 7 August 2012, sliding 10.64% compared with the Sensex's 0.46% rise. The scrip had, however, outperformed the market in past one quarter, rising 22.34% as against 4.07% rise in the Sensex.
The small-cap has an equity capital of Rs 29 crore. Face value per share is Rs 2.
Tulip Telecom announced that it tied up Rs 400 crore through rupee denominated debt and internal accruals for redemption of outstanding Existing foreign currency convertible bonds (FCCBs) (due for repayment on 26 August 2012).
Tulip Telecom had announced on 26 July 2012, that its operations were in order and there was no new development that had any material impact on the company's operation and business. It added that no margin calls were triggered against the company's stock. The clarification came after the company's shares witnessed unusual price volatility on the bourses on 26 July 2012. The stock slumped 25.98% to Rs 88.05 on that day.
Meanwhile, Fitch Ratings on 26 July 2012, downgraded Tulip Telecom's National Long-Term rating to 'Fitch A-(ind)' from 'Fitch A+(ind)' and placed the rating on Rating Watch Negative.
On a consolidated basis, Tulip Telecom's net profit fell 20.1% to Rs 66.04 crore on 3.7% increase in net sales to Rs 661.67 crore in Q4 March 2012 over Q4 March 2011.
Tulip Telecom is one of India's largest data telecom services and an IT solutions provider that innovatively provides customers with IP based infrastructural solutions. The company has over 3700 employees across India. With the largest data connectivity network spanning more than 2000 locations globally, Tulip has been the front-runner in provisioning multi-location networks for various industry verticals.
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