Tata Teleservices jumps 30% in 3 days on robust trading volumes

Tata Teleservices posted a net loss of Rs 277 crore for the three months to March, marginally down from the Rs 280 crore loss clocked in the corresponding quarter of FY23.

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Shares of Tata Teleservices (Maharashtra) Ltd spurted 4.87 percent in the morning trade on June 9, marking its third straight day of gains during which it has soared by 30 percent.

TTML shares were trading at Rs 82.24 at 11.27am on Friday. However, shares of the company are still down 10 percent till date this year.

The counter had rallied over 14 percent in the previous session on June 8 with unusually high volumes of 42.58 million shares on the NSE, as against the previous month’s average of less than 5 million.

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Tata Teleservices had earlier this year incurred a net loss of Rs 277 crore in the three months to March, marginally down from the Rs 280-crore loss clocked in the corresponding quarter of FY23 and Rs 279.7 crore reported in the preceding December quarter.

Tata Teleservices provides connectivity and communication solutions to enterprise customers, with services ranging from connectivity, collaboration, cloud, security and IoT.

The company had in 2009 signed a 15-year agreement with state-owned Bharat Sanchar Nigam (BSNL) for sharing infrastructure, including mobile towers, across the nation.

Earlier this week, the Union Cabinet approved a Rs 89,047-crore revival package for the loss-making BSNL to help the state-run telecom operator deploy 4G and 5G services in a market dominated by private players.

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