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HSBC upgrades Tata Communications Ltd shares to overweight from neutral and raises its target price to 233 rupees from 180 rupees, citing a potential takeover of unit Neotel. South Africa's Vodacom Group said on Monday it was in exclusive talks to buy the Tata Communications' unlisted local unit, Neotel, in a potential $590 million deal.
Tata owns more than 60 per cent of Neotel, a provider of fixed-line service and data.
Tata Communications' shares up 3.9 percent at 0630 GMT.