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Tata Teleservices shares locked at lower circuit on AGR interest conversion into equity

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3 years ago

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Tata Teleservices shares locked at lower circuit on AGR interest conversion into equity

Shares of Tata Teleservices (Maharashtra) were locked in 5 per cent lower circuit on the BSE in Wednesday’s intraday trade after the company on Tuesday said it will opt for conversion of the interest related to AGR dues into equity. Tata Teleservices (Maharashtra), shares of which have surged nearly 3,000 % in the last one year, informed that post-conversion, the government holding is expected to be about 9.5 per cent in the company. 

The net present value (NPV) of this interest is expected to be nearly Rs 850 crore as per the company’s best estimates, subject to confirmation by the Department of Telecom, it said in a regulatory filing. 

At 9.30 am, shares of this telecom services provider declined by Rs 14.55 or 5% to Rs 276.50 per share on the BSE on Wednesday. Shares of TTML have surged 473% in three months, 524% in six months and whooping 2712% in the last one year as on January 12, 2022, showed technical data of the telecom share.

Manoj Dalmia, founder and director, Proficient equities Private limited, said TATA Teleservices has given about 3000% return in the last year, but this rally might stop.  

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“There is a lot of speculation around this stock daily hitting upper and lower circuits. We might expect the stock to hit the lower circuit as it will create a panic. Tata Teleservices has an AGR due of Rs 16798 crore, out of which Rs 4197 crore has been paid. The initiative seems good as converting such debts is beneficial for both government and company,” said Dalmia.  

On the technical front Tata tele services has higher and higher low on the daily charts and is currently placed above the short-term EMAs in the daily frame, said Ravi Singh, Vice President and Head of Research, ShareIndia.  

“In the recent past after checking a high of 290 levels, the stock has formed a base of around 270 levels on the lower side and is all set to move higher. Overall, chart structure of the counter looks bullish from current level and is witnessing to move towards 320 levels,” he added. 

Complete News Source : Money Control

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Published

4 days ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election

Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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