Shares of Tata Teleservices Maharashtra (TTML) closed after reaching the upper circuit on Thursday, bringing the share price to 96.75 on BSE. The script hit the upper circuit for five consecutive sessions between November 18 and 25.
The stock has jumped more than 1,100% in the past year, up from 7.8 in October 2020. The stock is up 75% in the current month itself. On November 10, the stock market requested clarification from the company on the development of the share price. However, the company in an exchange filing the same day said, “At this point, there is nothing more to disclose.”
The Sensex jumped 454.10 points or 0.7% to close at 58,795.09 on Thursday.
TTML recorded a net loss of 313.63 crore in the quarter ended September 2021, compared to a net loss of 318.54 crore in the previous quarter. The company, however, is confident of meeting the financial demands. The promoters of the company said they would take the necessary steps to organize themselves in the event of a cash shortage during the 12-month period from the balance sheet date. The company in its new avatar is called Tata Tele Business Services.
Tata group companies have a 74.36% stake in the company, according to the latest shareholding model. Tata Teleservices owns 48.3% of the company’s capital, while Tata Sons and Tata Power hold 19.58% and 6.48% of the capital, respectively.