$TATACOMM

Tata Communications surged more than 8% intraday to Rs 1,784.80 on May 20, marking their highest level in over four months. The rally came after the stock had slipped for two consecutive sessions, losing 2% during that period. The boost followed the company’s announcement of Ganapathi S. Lakshminarayanan as its new managing director and chief executive officer for a five-year term, effective Wednesday. Ganapathi had earlier been named managing director and CEO-designate in January, pending regulatory approvals. This leadership change comes after the retirement of AS Lakshminarayanan as MD and CEO on April 13. Ganapathi previously served as managing director and group vice president for ServiceNow – India and SAARC, and also led Airtel Business in India, heading the enterprise business unit. On May 20, Tata Communications shares were trading 7.6% higher at Rs 1,770, ranking among the top gainers in the Nifty 200 index. Around 2 million shares changed hands on the National Stock Exchange during the session.