TTML rebounds on Q1 turnaround

Tata Tele Services (Maharastra)  (TTML) has rebounded from its intra-day low and currently trading 6% higher at Rs 22.70 after the company reported Rs 558 crore net profit for the first quarter ended June 2010, against a net loss of Rs 23 crore in the same period of year ago.

The company managed turnaround during the quarter on back of Rs 835 crore profit from sale of long term investments in its subsidiary 21st Century Infra Tele to Wireless-TT Info Services Ltd.

Net sales and income from telecommunication services grew 18% from Rs 468 crore to Rs 552 crore during the quarter.

The stock opened at Rs 21.35 and touched low of Rs 21.15 in intra-day trades on the NSE. As many as 9.06 million shares have changed hands on the counter so far.