GTL spikes up over 6%

Volumes on the counter of GTL Ltd have indeed spiked up; from a two-week average of 39,000 shares, today morning alone over 1 lakh shares were traded. The stock price is up 6% at Rs.11.87. Its 52-week high and low stands at Rs.23.45 and Rs.10.10 respectively. Market cap is at Rs.186 crore.

This Manoj Tirodkar company, formerly known as Global Telecom announced today morning before opening bell that it has started the process of getting the required approvals for selling its operations, maintenance and energy (OME) management business to E2 Energy Services Pvt. Ltd for Rs.850 crore.  The transaction is expected to be completed over the next 4-5 months.

The money raised will be used to pay off its debt, which currently stands at around Rs.1900 crore.