Shares of Tata Communications Ltd rallied over 3 per cent on the Bombay Stock Exchange (BSE) after Liquid Telecom, a pan-African telecoms group, majority owned by Econet Wireless Global, has entered into an agreement to acquire South African communications network operator Neotel. Neotel is a subsidiary of the company.
Cheering the news, shares of the company gained 3.87 per cent in intra-day trade to Rs 467 apiece on Bombay Stock Exchange at 11:42 hours.
In a similar fashion, stocks of the company surged 3.58 per cent to Rs 466.15 apiece, or 16.10 points, on National Stock Exchange at 11:43 hours.
Meanwhile, the broader benchmark BSE Sensex was trading at 26,459.89, up 0.22 per cent, or 54.38 points, at 11:44 hours.