Tata Comm on the surge

Tata Communications is on the surge since morning. The stock is up strongly in the green at Rs.451 levels, a rise of over 5%. The intra day high went up to levels of Rs.465.60. This was very close to its 52-week high of Rs.474.30. Volumes too are huge at almost 3 lakh shares traded today alone compared to 54,000 shares on a 2-week average.

The stock is up on unconfirmed news that the company was very close to closing a deal for sale of its land. This was just putting two-and-two together, drawing inference from its statement of February where it had said that it was exploring options of unlocking value in unutilized assets. This land sale pertains to some 0.9 acre land which it has in Mahim, Mumbai.