Tata Communications share price was trading higher in early trade today after Big Bull Rakesh Jhunjhunwala's wife Rekha Rakesh Jhunjhunwala on Monday bought 19.65 lakh shares or 0.7% stake in Tata Communications for an estimated Rs 73 crore through an open market transaction.
Tata Communications share price opened 3.04% or 11.35 points higher at Rs 385 today compared to the previous close of Rs 373.65 on BSE. The mid cap stock has gained 40% in the last nine days but has lost 25% during the last one year.
It has fallen 27.61% since the beginning of this year. The transaction was done at an average price of Rs 370 amounting to Rs 72.7 crore, according to bulk deal data available on BSE.
The firm has logged a turnaround in its Q1 performance of the current fiscal. It clocked consolidated net profit of Rs 78.37 crore for the first quarter ended June 2019 compared with a net loss of Rs 58.49 crore in corresponding period of previous fiscal.
On an yearly basis too, the firm reported a profit of Rs 69.88 crore for fiscal ended March 2019 compared to a loss of Rs 309.31 for the fiscal ended March 2018.
However, the Tata Group firm widened its losses in the fourth quarter of last fiscal. The firm posted a loss of Rs 198.8 crore in Q4 compared to Rs 120.9-crore loss in the year-ago period.
Tata Communications provides telecommunication services. The company's segments include voice solutions (VS), and data and managed services (DMS). The VS segment includes international and national long distance voice services.