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This Tata Group Stock Hit A 20% Upper Circuit In The Previous Session
Shares of Tata group stock Tata Teleservices in the previous session hit the 20% upper circuit to close at Rs. 108.45 apiece on the NSE. The stock's low and high during the day had been Rs. 91.35 and Rs. 108.45, respectively. Meanwhile, Indian markets also traded with huge strength on recovery in the world markets after steep losses in the previous session on Fed Chair's hawkish stance in respect of interest rates.
The sharp run up in the TTML scrip was given the spurt in volumes as investors were seen to add the counter at lower price level. The stock at day's low price of Rs. 91.35, traded over 68% down from its 52-week high of Rs. 290.15.
Tata Teleservices (Maharashtra) Ltd. (TTML) is a mid-cap stock from the Tata stable. The company offers basic and cellular telecommunication services. It is engaged in wired and wireless telecommunications activities. The company's market valuation is Rs. 21,201 crore. TTML stock carries high risk and is 3.98x as volatile as Nifty.
The company's income from operations in the June ended quarter of Fy23 saw a decline both sequentially as well as YoY to Rs. 266.48 crore. In the same period last year, the company's revenue stood at Rs. 268.03 crore. Nevertheless, the company pared its losses YoY to Rs. 295.10 crore from net loss of Rs. 318.45 crore in Q1Fy22. Sequentially, the company's losses have mounted from Rs. 280.62 crore in the March ended quarter.
74.36% stake in the telecommunications services firm is held by the promoters. FIIs on the other hand are constantly increasing their stake in the Tata group scrip from September 2021 when it was a mere 0.16% to 2.34 as of June 2022.
As per experts after the previous day's sharp gains in the counter, a retracement from the higher price level is possible over the coming days which shall provide an opportunity to take positions in the stock.
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