‘Overweight’ on Tata Communications Ltd shares,target price Rs 233: HSBC

Tata owns more than 60 per cent of Neotel,a provider of fixed-line service and data.

Written by Reuters | Published: October 3, 2013 1:16:59 pm

HSBC upgrades Tata Communications Ltd shares to overweight from neutral and raises its target price to 233 rupees from 180 rupees,citing a potential takeover of unit Neotel. South Africa’s Vodacom Group said on Monday it was in exclusive talks to buy the Tata Communications’ unlisted local unit,Neotel,in a potential $590 million deal.

Tata owns more than 60 per cent of Neotel,a provider of fixed-line service and data.

Tata Communications’ shares up 3.9 percent at 0630 GMT.

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