Tata Communications joins the bandwagon of top corporates who are looking to raise funds through asset sale. CNBC-TV18 learns that the company wants to raise Rs 1000 crore via the sale of five properties. CNBC-TV18‘s Priyanka Ghosh reports.
Indian ADRs barring banking sector closed lower on Friday. In the technology space, Infosys was down 1.82 percent to USD 42.68 per ADR and Wipro fell 1 percent to USD 8.94.
It's been six months since the cabinet approved the demerger of the surplus 740 acre VSNL land into a separate entity. But Tata Communications, as VSNL is now called, says the sale has faced several issues. It's even hampering the company's efforts to retire its $1 billion debt, reports Kritika Saxena of CNBC-TV18.
Shares of Tata Communications today surged by over 7% in morning trade, a day after the government approved demerger of surplus VSNL land into a separate company.
The government today approved the demerger of surplus VSNL land into a separate company, an issue that has been pending decision since Tata Communications acquired the PSU in 2002.
At a time when the government is trying its best to restore the confidence in the economy by taking a proactive stance on policy matters all eyes are on the Cabinet meeting that will take place later this evening, reports CNBC-TV18.
The Cabinet is likely to consider tomorrow several key economic proposals including SAIL disinvestment, levy of import duty on power equipment and revision of central support price for sugarcane.
Indian ADRs ended mixed on Thursday. In the IT space, Patni was up 3.47% at USD 17.3, Infosys was up 1.52% at USD 54.01 and Wipro was down 1.56% at USD 10.12.
Indian ADRs ended mixed on Wednesday. In the IT space, Wipro was down 1.72% at USD 10.28, Infosys was down 0.47% at USD 53.2 and Patni was up 0.06% at USD 16.72.
Indian ADRs ended higher on Tuesday. In the IT space, Infosys was up 4.03% at USD 53.45, Wipro was up 2.65% at USD 10.46 and Patni was up 2.33% at USD 16.71.
Indian ADRs closed higher on Friday. In the technology space, Infosys rose just 0.1% to USD 51.38 and Wipro went up 0.79% to USD 10.19. Patni Computer was unchanged at USD 16.33.
Indian ADRs ended higher on Thursday. In the telecom space, Tata Communication was up 1.13% at USD 8.03 and MTNL was up 0.59% at USD 0.8198.
Indian ADRs ended lower on Wednesday. In the IT space, Patni was down 1.02% at USD 16.49, Infosys was down 0.66% at USD 51.01 and Wipro was down 0.59% at USD 10.12.
Indian ADRs ended higher on Thursday. In the IT space, Infosys was up 3.49% at USD 51.07, Wipro was up 1.62% at USD 10.02 and Patni was up 1.39% at USD 16.8.
Indian ADRs ended mixed on Wednesday. In the IT space, Patni was up 0.55% at USD 16.57, Infosys was down 4.12% at USD 49.35 and Wipro was down 0.5% at USD 9.86.
Indian ADRs ended higher on Tuesday. In the IT space, Infosys was up 4.19% at USD 51.47, Wipro was up 1.95% at USD 9.91 and Patni was up 1.6% at USD 16.48.
Indian ADRs ended lower on Monday. In the IT space, Wipro was down 3.76% at USD 9.72, Infosys was down 1.93% at USD 49.4 and Patni was up 0.43% at USD 16.22.
Indian ADRs ended higher on Wednesday. In the IT space, Infosys was up 1.83% at USD 58.55, Patni was up 1.82% at USD 13.43 and Wipro was up 0.4% at USD 10.1.
Indian ADRs ended mostly up on Monday. In Telecom space, Tata Communication was up 2.41% at USD 8.5 while MTNL was down 0.62% at USD 1.61.