The shares of Tata Teleservices (Maharashtra) Limited saw a significant increase on Tuesday. The company’s stock climbed by 13%, reaching Rs 78.11 during intraday trading. Starting at Rs 69.86, the shares soared to a peak of Rs 78.11. The previous closing price was Rs 69.08.
In the early trading hours, a total of 41,135,747 shares changed hands, amounting to Rs 319 crore. Tata Teleservices (Maharashtra) Limited’s stock recorded a 52-week high of Rs 65.29 and a low of Rs 11.40, highlighting the stock’s volatility.
The surge in stock prices was attributed to an announcement from the government. The Modi administration has given principal approval to the bank guarantees for telecom companies, which positively influenced Tata Teleservices’ shares on Tuesday.
It’s worth mentioning that the government had previously eliminated outstanding bank guarantees in 2022, providing relief for telecom firms. The Department of Telecommunications (DoT) supported the companies’ request to acquire spectrum. Additionally, the DoT’s optimistic stance contributed to the surge in stock prices.
While TTML shares had been on a steady decline, they recorded a 14% increase in the last five days, bringing the total rise to 9% over the month. However, the company’s stock has seen a 12% drop over the year.
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