News Karnataka
Wednesday, March 22 2023
Business News

Tata Teleservices’ shares doubled in a month with multiple upper circuits

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New Delhi: Shares of Tata Teleservices have nearly doubled its investors’ money in the past one month.

Accordingly, shares of the company have risen from Rs 67 in early November to Rs 130 on Friday’s session close.

Mumbai-based Tata Teleservices, a subsidiary of the Tata Group, deals in broadband, telecommunications and cloud services.

Notably, the shares of the company hit the 5 per cent upper circuit for several consecutive days in the recent past.

It is important to note that the rise in share prices of the company comes at a time when major Indian telecom operators have raised their prepaid tariffs by around 20 per cent.

In late November, telecom majors Vodafone Idea, Bharti Airtel and Reliance Jio raised their tariffs, which had already come into effect.

“The tariff hike, led by Bharti Airtel, is expected to improve ‘ARPU’ (average revenue per-use) and free cash flow of the telcos. Incremental cash flows would aid the much-needed network expansion and 5G rollout,” Mohit Nigam, Head-PMS, Hem Securities had said.

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