Tata Teleservices zooms over 13% on plans to invest Rs 4000 Cr

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Shares of Tata Teleservices (Maharashtra) rallied over 13 per cent in early trade on Bombay Stock Exchange (BSE) after the Tata Group planned to invest around Rs 4,000 crore in two tranches in its telecom arm.

The Tata Group announced investment plan after banks denied to renew loans for Tata Tele until the company's annual losses were funded.

Cheering the news, shares of company gained as much as 13.26 per cent to trade at Rs 7.70 a piece on the BSE.  In a similar fashion, shares of the company climbed 9.49 per cent to Rs 7.50 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 21,037.83, down 133.58 points or 0.63 per cent at 10:05 hours.

Dion Global Solutions Ltd.

Story first published: Thursday, December 12, 2013, 13:30 [IST]
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