This Tata group multibagger stock rallies more than 6 per cent after acquisition new surfaces: do you own it?
The stock has surged more than 157 per cent in the last 3 years.
Sensex and Nifty wrapped up the trading session on a positive note, both gained 0.43 per cent each. This upward movement signifies a favorable ending scenario for the stock market.
Today, the shares of Tata Communications soared 6.95 per cent, this heavy buying led to massive spurt in volume by more than 8.25 times.
On July 10, 2023, Tata Communications International (TCIPL), has further solidified its position by acquiring the remaining stake in Oasis Smart Sim Europe SAS (OSSE France).
Currently holding a stake of 58.1 per cent, TCIPL aims to increase its equity shareholding to 100 per cent by investing Rs 99.3 crore. In 2020, Tata Communications had already acquired a majority equity stake in Oasis.
As a result of this acquisition, OSSE France and its subsidiary Oasis Smart E-Sim (OSEPL) will become wholly-owned indirect subsidiaries of Tata Communications. The completion of the acquisition is contingent upon fulfilling the conditions precedent as outlined in the agreement.
The completion of the acquisition is expected to occur within the next month.
Oasis, established in 2010 by SIM industry experts, has an impressive track record, having delivered over 35 crore operating systems worldwide and collaborated with more than 100 mobile network operators (MNOs) through its Oasis Technology. The company specializes in developing and offering advanced technologies and personalized services for the deployment of eSIM and SIM technologies.
Tata Communications has scheduled a board of directors meeting on July 19, 2023, to review and approve the unaudited standalone and consolidated financial results, along with the limited review reports from the statutory auditors, for the quarter ended June 30, 2023.
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Company snapshot:
From its inception as VSNL on March 19, 1986. Tata Communications underwent transformation when the Indian government sold 25 per cent of its stake in 2002. Now under TATA's administrative control, it leads as a global digital ecosystem enabler, delivering managed solutions to multinational companies.
The company has achieved a robust profit growth of 20.3 per cent CAGR over the past 5 years, accompanied by a healthy dividend payout of 35.0 per cent.
The stock has gained momentum in the past 1 year as it has given returns of more than 63 per cent. Moreover, the stock has surged more than 157 per cent in the last 3 years. Investors to keep a close eye on this trending stock.
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