Tata Communications up by 3 per cent on partnership with MGL

Tata Communications surged by 3 per cent on the bourses in the intraday trade on Tuesday as the company announced its partnership with Mahanagar Gas in order to deploy 5,000 smart gas meters in Mumbai.

The smart meters will provide greater visibility and control to households and businesses over their gas usage and will also facilitate MGL to increase its operational efficiency. The company will use an ultra-low-power, long-range LoRaWANTM network to enable MGL to monitor thousands of smart meters simultaneously.

In the third quarter of the fiscal year 2018, the company had posted a profit after tax of Rs. 10 crore driven by an improved operating performance that resulted in a rise in margins and higher profits.

On Tuesday, the stock hit an intraday high of Rs. 655.15 per share and an intraday low of Rs. 636.70 per share on BSE. The stock had touched its 52-week high of Rs. 774.35 per share on June 9, 2017 and its 52-week low of Rs. 570.45 per share on August 10, 2017 on BSE, respectively.

At 14:33 hours IST, the stock was trading at Rs. 652.05 per share, higher by 2.50 per cent on BSE on Tuesday. Meanwhile, S&P BSE Sensex was trading at a neutral level of 33,255.28 and NSE Nifty50 was trading at 10,206.30 level, lower by 0.05 per cent.