Tata Communications partners with Taiwanese firm to provide IoT connectivity

In a significant development, digital infrastructure provider Tata Communications joined hands with Taiwan’s largest mobile network operator Chunghwa Telecom in the wake of bringing global connectivity to consumer electronics and industrial Internet of Things (IoT) devices.

Following the agreement, the Chunghwa Telecom will be able to connect to IoT devices through Tata Communications, which is expected to raise additional revenues for the company. Tata Communications MOVE - IoT Connect enables quick deployment of IoT devices, is projected to be worth US$ 8.9 trillion in 2020.

Tata Communications had posted a tremendous increase in its profit from Rs. 1.26 crore in the third quarter of the previous fiscal year to Rs. 10.34 crore in the third quarter of FY18.

Following the development, the company surged by nearly one per cent on the bourses. The stock hit an intraday high of Rs. 527.95 per share and an intraday low of Rs. 522.80 per share on BSE. The stock had hit its 52-week high of Rs. 957.50 per share on February 22, 2017 and its 52-week low of Rs. 517.40 per share on February 19, 2018, respectively.

At 1118 hours IST, the stock was trading at Rs. 628.50 per share, higher by 0.50 per cent on BSE on Thursday. Meanwhile, S&P BSE Sensex was trading at 33,750.47 level, lower by 0.28 per cent and NSE Nifty 50 was trading at 10,359.30 level, lower by 0.37 per cent.