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Saturday, Jun 19, 2004

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Expansion projects buzz props up Tata Tele stock

Jayanta Mallick

Kolkata , June 18

THE Tata Teleservices stock today moved up on positive news flows and developments. The stock attracted increased volumes on block trades, both on the NSE and the BSE on some reported investment buying.

It closed 1.06 per cent up in terms of value against the previous closing price. On the NSE, some 11.55 lakh shares were marked for delivery, representing 20.58 per cent of the total traded quantity.

The Tata Group decision to use a portion of the proceeds and return on investments in TCS in telecom business have enthused a section of investors.

Tata Teleservices has recently issued FCCB to foreign investors with aggregate principal amount of $1.25 million including a greenshoe option of $2.5 million, which is to be exercised on or before July 1 by the lead manager.

It is also reportedly in talks with Korea Telecom to sell about 30 per cent stake for pursuing its aggressive expansion plans in the domestic market.

Though, currently loss-making, according to Mr Ketan Thacker of Anagram Stockbroking, the company is expected to be in black soon enough as the expansion projects are completed and market share is increased.

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