Tata Comm shares extend gains to more than 10%

Shares in Tata Communications extended gains to more than 10% after at least two brokerages upgraded the stock and raised their price targets on expectations that the sale of the company's surplus land could be expedited.

BNP Paribas has upgraded the stock to "buy" from "reduce" and raised its price target to Rs313 from Rs230. Separately, HSBC upgraded the stock to "neutral" from "underweight" and raised the price target to Rs241 from Rs225.

By 0926 GMT, Tata Communications shares were trading 11.7% up at Rs245.60