Why This Tata Stock Is Surging Today

Shares of Tata Communications jumped back in the green on Tuesday after the Tata Group company announced acquiring remaining shares in one of its international subsidiaries.

What Happened: In a regulatory filing, the company said that its subsidiary Tata Communications
International Pte
Ltd. (‘TCIPL'), has entered into a Share Purchase Agreement (‘Agreement') to acquire remaining equity ownership of Oasis Smart Sim Europe SAS (‘OSSE France').

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The company currently owns a 58.1% stake in the company. The acquisition of the rest 41.9% stake would cost the company around $12 million (₹99.3 crore). Oasis develops and provides advanced technologies and personalised services to enable the deployment of eSIM and SIM technologies.

As per the filing, the company booked revenue of €12.2 Mn (₹109.8 Crores) for the year ended March 31, 2023. Tata Comm plans to complete the deal within one month.

Price Action: Tata Communications’ share price jumped 2.45% to trade at ₹1569.85 as the markets opened on Tuesday.

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