Shares of Tata Teleservices Maharashtra (TTML) closed after hitting the upper circuit on Thursday, taking the stock price to ₹96.75 on the BSE. The scrip hit the upper circuit for five consecutive sessions between November 18 and November 25.
The stock has surged over 1,100% in the last one year, from ₹7.8 in October 2020. The stock is up 75% in the ongoing month itself. On November 10, the exchange had sought clarification from the company on the movement in the stock price. However, the company in an exchange filing on the same day said, “At this stage, there is nothing further to disclose.”
The Sensex surged 454.10 points or 0.7% to close at 58,795.09 on Thursday.
TTML posted a net loss of ₹313.63 crore during the quarter ended September 2021, compared with a net loss of ₹318.54 crore during the preceding quarter. The company, however, is confident of meeting financial requirements. The promoters of the company said they will take necessary actions to organize for any shortfall in liquidity during the period of 12 months from the balance sheet date. The company in its new avatar is called Tata Tele Business Services.
Tata Group companies hold a 74.36% stake in the company, according to the latest shareholding pattern. Tata Teleservices holds a 48.3% stake in the company, while Tata Sons and Tata Power hold 19.58% and 6.48% stake, respectively.