Tata Tele rings loud

Tata Teleservices (Maharashtra) is frozen on the 5% upper circuit today at Rs.6.63 with over 93,000 pending buy orders still on the counter.

The stock has hit the roof on news that the company might get relief in the 2G case. A senior Govt counsel has stated that the company’s 19 permits to operate GSM services might not be cancelled as it does not come under the ambit of the Supreme Court’s order quashing telecom permits granted on or after 10th Jan’08 though the Tata permits were granted on that date. If this indeed happens, it will be a great relief for the company and its investors