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Tulip Telecom surges as its promoter pledges 23 lakh shares

02 Jan 2012 Evaluate

Tulip Telecom is currently trading at Rs. 104.65, up by 2.05 points or 2.00% from its previous closing of Rs. 102.60 on the BSE.

The scrip opened at Rs. 104.45 and has touched a high and low of Rs. 108.00 and Rs. 104.00 respectively. So far 20460 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 182.00 on 04-Jan-2011 and a 52 week low of Rs. 99.50 on 30-Dec-2011.

Last one week high and low of the scrip stood at Rs. 116.95 and Rs. 99.50 respectively. The current market cap of the company is Rs. 1517.43 crore.

The promoters holding in the company stood at 69.87% while Institutions and Non-Institutions held 20.33% and 9.80% respectively. 

Tulip Telecom's promoter over a period of two days has pledged 23 lakh equity shares to different finance companies. The chairman and managing director H S Bedi has pledged total of 12 lakh shares with ECL Finance while six lakh shares has been pledged with Religare Finvest on December 27 and 28 respectively.

Further, the promoter has pledged two lakh shares in favour of STCI Finance on December 27 and three lakh shares with Cholamandalam Investment and Finance Company. With this pledges, shareholding of the promoter reduced by 1.59 percent from 25.8 percent to 24.21 percent in the company.

Recently, Securities Trading Corporation of India had acquired a minority stake in Tulip Telecom by purchasing 77.50 lakh shares accounting for over 5.34 percent stake in the company.

Tulip Telecom is a data telecom service and IT solutions provider. The company offers an innovative IP based infrastructural solutions to its customers.

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