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Rakesh Jhunjhunwala buys stake in this Tata Group firm, stock zooms 10%

Following the news, the stock of Tata Communications opened higher at Rs 1,076 against its previous close of Rs 1062.55 today

Overall, public investors held 25.01% stake in the company by the end of Q3FY21 Overall, public investors held 25.01% stake in the company by the end of Q3FY21

Tata Communications share price gained 10% on Tuesday after data filed with stock exchanges showed that Rakesh Jhunjhunwala bought shares of the fimr in December quarter of FY21.

Data available with BSE showed that Jhunjhunwala's wife Rekha Jhunjhunwala held 32,00,687 shares or a 1.12% stake in Tata Communications at the end of Q3FY21.

Overall, public investors held 25.01% stake in the company by the end of Q3FY21.

Following the news, the stock of Tata Communications opened higher at Rs 1,076 against its previous close of Rs 1062.55 today. Tata Communications stock gained 10% to hit the day's high of Rs 1,168.80 on BSE. Tata Communications share also touched an intraday low of Rs 1,037, falling 2.4% earlier in the day.

The stock rose 0.56% last week. Year-to-date, the stock has risen 1%. Tata Communications share price higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

Market capitalisation of Tata Communications stood at Rs 31,814.55 crore as of today's session. The stock has touched a 52-week high of Rs 1,168.80 and a 52-week low of Rs 205.70. Tata Communications share, with Rs 10 face value, has risen 8% in the one month week and 176% in one year.

Mutual funds (MFs) raised their stake in the company to 11,76,747 shares or 0.41% in during the December quarter from 10,97,017 shares or 0.38% in the September quarter, while foreign portfolio investors (FPIs) raised their stake 17.65% with 5,02,95,885 shares in the quarter under review from 17.56% with 5,00,53,794 shares in the earlier quarter.

The stock closed 5% higher at Rs 1,116.30 on BSE today.

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