Mumbai: Shares of Tata Communications on Thursday rose by 1.22 per cent on reports that the Indian company is considering a bid for London-listed telecommunication giant Cable & Wireless Worldwide Plc (CWW).
Bucking an overall weak market trend here, Tata Comm shares closed at Rs 235.60 apiece on the BSE, a gain of 1.22 per cent. During the intra-day trade, stock accelerated by 5.34 per cent to touch a high of Rs 245.20.
Similar movement was witnessed on the National Stock Exchange, where the stock finished at Rs 234.95 apiece, up 1.3 per cent from the previous close. In the intra-day, the stock had touched a high of Rs 245.30 and a low of Rs 233.15.
The market barometer Sensex closed at 17,583.97 points, down 169 points or 0.95 per cent.
"... as part of on-going review of potential acquisition opportunities, Tata Comm is evaluating a possible cash offer forCWW," Tata Comm Ltd (TCL), said in a regulatory filing.
Tata Comm, formerly known as VSNL, and earlier a public sector entity that was acquired by Tatas as part of the government's divestment programme.
Tata Group's telecom arm is said to have hired Standard Chartered Plc to advice it on the potential purchase of CWW, which has a market value of 765 million pounds ($1.2 billion).
Tata Comm is also listed in the US at the NYSE and has gained 0.3 per cent last night there to $9.45.
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