Shares in satellite operator Thaicom Pcl, which fell 6.2 percent on Tuesday, were up as much as 2.6 percent after the management denied market talk that its iPSTAR satellite service in India had been cancelled.
"Thaicom told us yesterday that the contract signing with the big Indian telco is likely to be delayed to the first half of 2013. The sales volume and pricing terms have already been agreed with the Indian client," broker Bualuang Securities said.
Thaicom management told analysts it was still negotiating to sell bandwidth to more Indian customers.
"We remain comfortable with our current mean FY13 IPSTAR utilization rate assumption of 35 percent, despite the delay," the brokerage said.
It reiterated its 'buy' rating on the stock, with a target price of 33.5 baht. The stock was up 1.8 percent at 23.2 baht at the midsession break of 0530 GMT, while the broader SET index was up 0.5 percent.
1230 (0530 GMT)
(Reporting by Viparat Jantraprap in Bangkok; Editing by G.Ram Mohan)
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