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Rakesh Jhunjhunwala portfolio: Tata Communications share price today shot up more than 3 per cent after the Tata group company informed Indian exchanges that it has entered a multi-year strategic collaboration with Formula 1. With this tie-up, Tata Communications is returning to sport as the Official Broadcast Connectivity Provider of Formula 1, to deliver and enhance a world-class, technologically advanced experience for fans globally. Once the announcement become public, market bulls started showing buying interest in this Rakesh Jhunjhunwala stock.
Tata Communications shares today opened around ₹10 per share higher and went on to hit intraday high of ₹1178.50 apiece levels, more than 3 per cent from its yesterday's close of ₹1124.65 per share on NSE.
Informing Indian exchanges about Tata Communications and Formula 1 ties-up, Tata group company's exchange communication said, "Formula 1 and Tata Communications – a global digital ecosystem enabler powering the fast-growing digital economy, today are delighted to announce a multi-year strategic collaboration, with Tata Communications returning to sport as the Official Broadcast Connectivity Provider of Formula 1, to deliver and enhance a world-class, technologically advanced experience for fans globally."
Speaking on Tata Communications and Formula 1 ties-up; Stefano Domenicali, President & CEO of Formula 1, said, “We are delighted to welcome Tata Communications back as a partner following previous successes in our partnerships. They have been an integral part of our growth journey over the last decade, and we completely trust their expertise and abilities to deliver what we need for our fans. This trust has been built over many years of working together, pushing forward advancements in technology in sport – on and off the track. Tata Communications’ connectivity continues to support F1’s drive for agility and sustainability with remote production introduced in 2020 - part of our aim to be Net- Zero Carbon by 2030. We are excited to grow together in the future and share the incredible journey Formula 1 is on."
Amur S Lakshminarayanan, MD and CEO at Tata Communications said, “As businesses evolve to a digital-first model, I believe the sporting world also has a great opportunity to leverage technology for delivering innovative and exhilarating experiences to motor sports enthusiasts," adding, "And, Formula 1 is at the core of all things speed, action and thrill. We are delighted to renew our relationship and empower Formula 1’s tomorrow, today!"
In this tie-up, Tata Communications will empower Formula 1 with global end-to-end managed network services for video contribution, thereby transforming the motor sports experience. For this, the company will facilitate the transfer of more than 100 video feeds and over 250 audio channels to be transmitted between the Grand Prix venue and F1’s Media & Technology Centre in the UK every race weekend in under 200 milliseconds, enabling F1 to broadcast to over 500 million fans in 180+ territories globally.
Rakesh Jhunjhunwala shareholding in Tata Communications
As per the shareholding pattern of Tata Communications for October to December 2021, Rakesh Jhunjhunwala has invested in this Tata group's flagship company through his wife. His wife Rekha Jhunjhunwala holds 30,75,687 Tata Communications shares, which is 1.08 per cent of total issued paid-up capital of the company.
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