Shares of Tata Teleservices (Maharashtra) rallied more than 16 percent intraday on May 30 buoyed by its performance in the quarter ended March 2019.
The company in its exchange reported a net profit of Rs 579.55 crore for the Jan-March quarter, compared to a loss of Rs 681.50 crore in the year-ago period.
The telecom-hand of Tata Group said it has "reviewed the recoverable amount of its consumer mobile business (CMB) assets based on fair value less costs to sell, and recorded Rs 529.35 crore as partial reversal of impairment recorded during the previous year and disclosed the same as an exceptional item for the year ended March 31, 2019 and Rs 531.45 crore for the quarter ended March 31, 2019".
The company is also planning to raise additional funds by the issuance of securities and instruments
At 1209 hrs, Tata Teleservices was quoting Rs 3.69, up 16.4 percent on the BSE.
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