The Telstra Corporation Ltd (ASX: TLS) share price finished in the green today amid the company securing a new government deal.
The Telstra share price closed at $3.96, a 1.54% gain. For perspective, the S&P/ASX 200 Communication Services Index (ASX: XTJ) climbed 0.7% today.
Let’s take a look at what is going on at Telstra.
New government deal
Telstra has secured a new $187 million contract to upgrade internet speeds in Queensland schools.
The company has signed a five-year contract to provide faster internet at 1,258 state schools.
Telstra Enterprise chief customer officer John Ieraci said:
Over the next 18 months we’ll be rolling out a significant amount of infrastructure across every corner of the state, including connecting around 40 schools to fibre for the first time.
It’s one of several recent education projects that we’ve undertaken with state governments.
The Queensland Government described the deal as a “game changer” in a media statement today. Education Minister Grace Grace said the project would increase average internet speeds by 40 times.
Grace added:
Telstra’s upgrades to hundreds of exchanges also means the flow on benefits for communities and businesses will be huge.
This partnership will also see Telstra invest $110 million to upgrade hundreds of exchanges across Queensland. Around 350 have already been identified and there will be more added as the work progresses.
What else is happening with Telstra?
Telstra has been in the headlines recently. Yesterday, the company appointed a new CEO, Vicki Brady. Brady was promoted after serving as the chief financial officer from 2015. Brady takes over from outgoing CEO Andrew Penn. He will retire on 31 August after more than seven years in the role.
Telstra share price snapshot
The Telstra share price is up 16.47% over the past 12 months. For perspective, the benchmark S&P/ASX 200 Index has returned 9.8% over the past year.
Telstra has a market capitalisation of $45.81 billion based on its closing share price today.
The post What helped boost the Telstra share price on Thursday? appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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