Tata Teleservices Maharashtra Sees 11% Hike in Share Price on Friday
Today (Friday), Tata Teleservices Maharashtra’s share rose as high as nearly 11 percent, upon the announcement of the price of joint offer for up to 20 per cent of Tata Teleservices came from Japanese mobile phone operator NTT DoCoMo Inc and Tata. Reports have it that NTT DoCoMo Inc has bought Tata Teleservices’ 26% share worth $2.7 billion.
Economictimes reported:
At 10:39 am, Tata Tele Maharashtra was trading nearly 11 per cent higher at Rs 19.96 on BSE. The stock touched a high of Rs 20.70 in early trade.
The open offer has been priced at Rs 24.70 ($0.50) a share, according to an advertisement.
Share of Tata Teleservices Maharashtra went up by 7.6 per cent to Rs 17.99 on Wednesday. This is definitely good news for Tata Teleservices who are the number 6 in India’s fastest growing telecom industry. India has world’s fastest growing mobile phone market with 9 million new users being added to the total number every month. Still, India’s mobile phone market has not been fully unearthed yet as there is lots of opportunities to continue this growth over the next few years. So, India has become a lucrative market for investment for the global telecom companies.
