Tulip Telecom gains on partnering with Wireless Services for a BWA venture
Tulip Telecom is currently trading at Rs. 185, up by 0.05 points or 0.03% from its previous closing of Rs. 184.95 on the BSE.
The scrip opened at Rs. 185 and has touched a high and low of Rs. 187.40 and Rs. 183 respectively. So far 93,239 shares were traded on the counter.
The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 250 on 24-Aug-2009 and a 52 week low of Rs. 158.40 on 03-May-2010.
Last one week high and low of the scrip stood at Rs. 195.80 and Rs. 183 respectively. The current market cap of the company is Rs. 2,692.65 crore.
The promoters holding in the company stood at 68.96% while Institutions and Non-Institutions held 26.35% and 4.68% respectively. Tulip Telecom has entered into a strategic partnership with Wireless Services, which is Qualcomm Incorporated’s subsidiary, for a Broadband Wireless Access (BWA) venture.Tulip’s investment in this venture for the 13% stake will be approximately Rs 1,40 crore
As per Indian Indian Foreign Direct Investment (FDI) regulations, Qualcomm will have a 74% stake in the venture, while Tulip and Global Holding Corporation will hold 13% each.
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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