The shares of Tata Teleservices (Maharashtra) Limited opened at Rs 91.5 on Tuesday and shot up by approximately 20 per cent to trade at Rs 108 till 12 pm. The stock had shed more than 10 per cent in a week before the rally started.
The rally can be attributed to a huge surge in the trading volumes in the early hours of the day. The stock saw a volume of 44.64 lakh shares by 10:47 am on BSE, a 4.36 fold spurt over the two-week average daily volume of 10.25 lakh shares.
In the span of a month, the stock has shed more than 5 per cent. So far this year in 2022, the stock has shed more than 49 per cent YTD.
A year ago the shares of Tata Teleservices were trading at Rs 35 a piece on NSE. From there it has spiked up to the current levels logging a multi-bagger return of more than 186 per cent. In the last five years, the stock has delivered a return of more than 1,558%.
On a standalone basis, the tata group company earned a total revenue of Rs 266 Crores in Q1FY23 as compared to Rs 268 crores which it earned in the same period a year ago.
Their net losses however narrowed to Rs 295 crores in the quarter under review as against Rs 318 crores which it earned in Q1FY22.
Tata Teleservices (Maharashtra) Limited, formerly known as Tata Tele Services Limited (TTSL), part of the Tata group, is Indian broadband, telecommunications, and cloud service provider.
The company has a market capitalization of Rs 21,201 Crores and the promoters hold a 74.36 per cent stake in the company.
Written by- Anoushka Roy
The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
To stay updated with the Latest Stock Market news, download our app here !
For editorial purposes, contact firstname.lastname@example.org
Start Your Financial Learning Journey
Want to learn Stock Market and other Financial Products? Make sure to check out, FinGrad, the learning initiative by Trade Brains. Click here to Register today to Start your 3-Day FREE Trail . And do not miss out on the Introductory Offer!!