Tata Tele rings loud
By
Research Desk
about 11 years ago
Tata Teleservices (Maharashtra) has zoomed up the moment is opened for trade today morning, From the previous close of Rs.7.64, the stock opened at Rs.8.20, hitting an intra day high at Rs.8.77. The stock is currently up almost 10%, with over 2.5 times spike up in volume.
The stock is up on expectations that Vodafone might buy the controlling stake in Tata Tele. Currently, Tata DCoMo has the first Right of Refusal to Tata’s 59.45% stake. DoCoMo currently holds 11.76% stake in the company. So if this Japanese company refuses to buy the controlling stake, Tata Tele has the right to force DoCoMo to sell its shares to the buyer of its choice.