Stock Market update: Tata Communications shares jump 5% after it inks pact with Kuwait based Zain Telecom

The agreement will serve Saudi’s enterprises and government institutions with advanced technologies such as IoT, 5G, Low Range Wide Area Network etc.

Shares of Tata Communications jump 5% at a record high of Rs 1,542 per piece and rallied at 9 per cent on the BSE on Wednesday’s intra-day session. The company surpassed its previous high of Rs 1,540 touched on October 19, 2021.

On Tuesday, Mumbai-based Tata Communications and Kuwaiti-backed Zain KSA had announced that they had entered into a strategic agreement to bring digital transformation to the Kingdom of Saudi Arabia (KSA). Zain KSA is a leading telecommunications provider established in the Kingdom of Saudi Arabia.

Both the companies will bring smart street lighting solutions for one of the key cities in Saudi Arabia. Tata Communications Internet-of-Things (IoT) ecosystem will serve as a one-stop-shop to provide the hardware, platform, application and insights while Zain KSA will expand its footprint with its business-to-business (B2B) offerings through joint projects related to software-defined wide area network (SD-WAN) and global contact centres, as well as the application of smart transport and IoT solutions enabling smart waste handling, smart metering and other smart city use cases, to name a few.

” The strength of the reach of Zain KSA and cutting edge infrastructure combined with our ecosystem of advanced technologies will strengthen the country’s shift to become a sustainable economy,” said Vaneet Mehta, Regional Head, Middle East, Central Asia & Africa, Tata Communications.

Commenting on the Joint Venture, Eng. Saad A. Al-Sadhan, Chief Business and Wholesale Officer, Zain KSA said, it will strengthen the digital core of the country to reinforce Saudi Vision 2030 and provide businesses with the tools to embrace innovation and disruption to succeed in a rapidly evolving environment.”

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