From Rs 6.79 to Rs 75.95 - This Tata Group company's shares soar 1000% in one year; know triggers here

On the back of an improving outlook, the Tata Group's Tata Teleservices (Maharashtra) (TTML) shares for the third straight day have hit an upper circuit of 5 per cent and touched a new 52-week high of Rs 75.95 per share on the BSE intraday on Wednesday in an otherwise weak market.

The stock in the last one year has jumped over 1000 per cent from Rs 6.79 per share to today’s upper circuit of Rs 75.95 per share. The telecom services stock has breached its previous high of Rs 73.70 per share touched on November 10, 2021.

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Tata Teleservices (TTSL) and its subsidiary Tata Teleservices (Maharashtra) are market leaders in the enterprise space and offers an inclusive portfolio of voice, data and managed services to enterprises and carriers under the brand name Tata Tele Business Services (TTBS).

TTML in a filing to exchanges had said that the company has received a support letter from promoter indicating that they will take requisite actions to organize for any shortfall in liquidity during the period of 12 months from the balance sheet date. 

The teleservices company has expressed confidence in its ability to meet the funds' requirement and to continue its business as a going concern on the back of promoter assurance. The Tata Group companies have a combined holding of 74.36 per cent in TTML.

Along with Vodafone Idea and Bharti Airtel, the company has informed the Department of Telecommunication (DoT) about its decision to opt for deferment of Its Adjusted Gross Revenue (AGR) related dues by four years. 

On Wednesday, a combined 4.54 million shares have changed hands and there are pending buy orders for a combined 4.69 million shares on the NSE and BSE. The counter has gained over 36 per cent in the last one month and jumped 109 per cent in the last three months.