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Buzzing stock: Tata Communications gains 5 per cent; touches 52-week high

Geyatee Deshpande
·1-min read

On Monday, Tata Communications jumped 4.92 per cent and was trading at Rs 965.70, gaining by Rs 45.30 per share from its previous close.

Tata Communications outperformed the domestic benchmark indices as Sensex remained subdued at 40,198.38 levels, declining by nearly 500 points while Nifty was down by nearly 1.26 per cent at 11,780.30 levels.

During today’s trading session, the shares of the company made a fresh 52-week high and witnessed a high volume movement. Continuing its strong growth momentum, the stock is currently trading at its highest price in the last decade. It is quite close to its all-time high of Rs 1,083.33 per share made on February 11, 2000.

For Q2FY21, the company posted an increase of 3 per cent YoY in the net sales to be Rs 4,401.08 crore while its net profit gained during Q2FY21 and jumped significantly to Rs 386 crore from Rs 52.52 gained in Q2FY21.

For the company, its consistent performance of the data segment is impressive with improvement in margins led by scale and cost initiatives. Also, its strategic growth plan, focussed approach, and consistent improvement in the data segment continue to be the major growth drivers for Tata Communications.

The multibagger stock has nearly tripled on a YTD basis and jumped by 15 per cent since the beginning of the month of October.