Tata Communications share price hits new 52-week high after CLSA retains buy, raises target

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long term moving averages with FII / FPI or institutions increasing their shareholding.

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Tata Communications share price gained over 3 percent intraday on March 3 after research firm CLSA retained a buy call on the stock.

The global research firm has maintained a buy call on the stock and has raised the target to Rs 1475 from Rs 1,365 per share earlier. The firm is of the view that growth services are expanding 2x of traditional and forms a 24 percent share. CLSA has revised the target which includes 33 percent of 756 acres of surplus land value, according to a CNBC-TV18 report.

“Tata Communications has been deleveraging and net debt has reduced to Rs 8,000 crore with gearing comfortable at 1.9x EDITDA,” the research firm said.

The stock was trading at Rs 1,241.50, up Rs 37.10, or 3.08 percent at 10:20 hours. It has touched a 52-week high of Rs 1,340.25. It has touched an intraday high of Rs 1,340.25 and an intraday low of Rs 1,211.40.

Tata Communications has partnered with Google Cloud to “drive cloud adoption” in India, the company announced on February 16. The partnership, Tata Communications claimed, has further expanded their managed public cloud services portfolio to include capabilities for Google Cloud.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long term moving averages with FII / FPI or institutions increasing their shareholding.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

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