Shares of Tata Teleservices today surged 9 per cent on the BSE, a day

RELATED ARTICLES Sensex snaps two-day rally, down 82 points on poor IIP nos Sensex up 123 pts in late buying amid firm European mkts Singapore's Temasek unit sells ICICI Bank shares worth Rs 1,500 cr Thomas Cook PLC starts process of stake sale in Indian arm Sensex closes 85 points up in volatile trade

after it said it will sell its entire stake in tower arm--21st Century Infra Tele Ltd--to telecom infrastructure firm QUIPPO-WTTIL for Rs 1,318 crore.

Helped by the positive news, Tata stocks shot up 9.12 per cent to a high of Rs 25.70 in the morning trade on the Bombay Stock Exchange.

Similarly on the National Stock Exchange, the stock surged 9.32 per cent to a high of Rs 25.80.

A total of 36.11 lakh shares of Tata Teleservices (Maharashtra) changed hands on both the bourses in the early morning trade.

Yesterday, the company announced it had entered into a share purchase agreement with Quippo Telecom Infrastructure Ltd & Wireless TT Info Services Ltd for selling 100 per cent stake in tower arm -- 21st Century Infra Tele Ltd (TFCITL).

As part of this deal, TFCITL's entire portfolio of 2,535 towers in Mumbai, Maharashtra and Goa will be acquired by QUIPPO-WTTIL at an enterprise value of Rs 1,318 crore.