The announcement was made before market hours today, 18 March 2010
Meanwhile, the BSE Sensex was 14.31 down points, or 0.08%, to 17,475.77
On BSE, 18.18 lakh shares were traded in the counter. The stock had an average daily volume of 7.79 lakh shares in the past one quarter.
The stock hit a high of Rs 25.70 and a low of Rs 24.25 so far during the day. The stock hit a 52-week high of Rs 41.80 on 25 June 2009 and a 52-week low of Rs 20.90 on 16 March 2009.
The mid-cap stock underperformed the market over the past one month till 17 March 2010, falling 2.28% as compared to the Sensex's 6.46% rise. It had also underperformed the market in the past one quarter, declining 11.13% as compared to the Sensex's return of 3.53%.
The company's current equity is Rs 1897.20 crore. Face value per share is Rs 10.
Tata Teleservices (Maharashtra) (TTML) is the listed entity of telecom operator Tata Teleservices. TTML at its board meet on 17 March 2010 approved sale of its telecoms tower arm to Quippo-Wireless TT Info Services, popularly known as Tata Quippo, for an enterprise value of Rs 1318 crore.
As part of the deal, TTML will give its 2,535 towers, being run by its subsidiary 21st Century Infra Tele, and will receive net cash of about Rs 900 crore from the transaction. Following the deal, TTML will focus on its core business area of voice and data. With access to over 38,000 towers, Tata Quippo will become the largest independent tower company in India.
Quippo-Wireless TT Info Services is a joint venture between the Tatas and SREI group. In January 2009, the Tatas and SREI group merged their tower assets to form Quipp- Wireless TT Info Services. The SREI group holds about 49% stake in the joint venture company.
TTML offers services in the Mumbai, Maharashtra and Goa circles.
The company reported a net loss of Rs 100.76 crore in Q3 December 2009 as compared to net loss of Rs 45.07 crore in Q3 December 2008. Net sales rose 11.20% to Rs 549.28 crore in Q3 December 2009 over Q3 December 2008.