Tata Communications Limited (ADR) (OTCMKTS:TTCMY) stock up 3.63%


Dallas, Texas 09/25/2013 (Financialstrend) – Tata Telecommunications Limited (NYSE:TCL) had its ticker changed to Tata Communications Limited (ADR) (OTCMKTS:TTCMY) recently. Going forward the later ticker would be in use as per announcement from New York Stock Exchange.

The stock is trading at $6.86 per share as of close of business on September 24, which is up 3.63% from its previous day close. The stock is down 30% from its 52 week high valuation of $9.86 per share and is up by close to 4.9% from its prior 52 week low of $6.54 . The stock has lost over 17% of its valuation the previous month and is down by similar margin for the quarter. Year to date the company had a 20% decrease in its share value. This sustained downward march seems to have been broken in the past week. The shares of the company have rallied 1.33% in the past week’s trading.

This Indian based subsidiary of parent company Tata Sons has a market capitalization of over $977 million with 142 million shares outstanding.  It had recorded an annual sales turnover of close to $599 million with net income of $132 million for the same period. It has close to 8000 strong employee base and has paid its share holders a dividend of $0.06 per share in the previous quarter.

This upward movement of the stock can be ascribed to improving fundamentals of the company. It has recorded a gross margin of 39.02% for the year while its profit margin for the same period was up 22.18%. Its quarter on quarter sales has gone up by over 42% with earnings per share has gone up 172% in a quarter on quarter compare. Analysts predict that the stock has a potential to reach a taret price of $8.23 by end of FY13 if the company is able to sustain its recently rediscovered growth momentum.