Tata Tele rings new tune
By
Research Desk
about 11 years ago
Tata Teleservices (Maharashtra) is very active today, with volumes spiking up over 3 times. The stock is up almost 9% at Rs.7.50, with an intra day high at Rs.7.77. Its 52-week high is at Rs.13.
The stock is buzzing on news reports that after banks refused to renew loans for Tata Tele, Tata group has decided to infuse Rs.4000 crore, in two tranches in the company. Banks refused on grounds that the company needed to first its annual losses.
The 26% partner, Japan’s NTT DoCoMo and 7% holder, Temasek do not plan to invest; in fact there is news that DoCoMo might look at exiting the company in March.