Why are Telstra (ASX:TLS) shares in news today?

Highlights

• Telstra shares were up 0.255% at 12:41 PM AEDT on ASX today (8 November).
• The telco business has changed its name from Telstra Corporation Ltd to Telstra Group Limited.

Australian telecommunications company Telstra Group Limited’s (ASX:TLS) shares were spotted trading in the green territory today (November 8). Telstra shares were up 0.255% at AU$3.930 apiece at 12:41 PM AEDT today.

This is in line with the ASX 200 index, which was trading 0.25% higher at 6,951.10 points at the same time.

A glance at Telstra’s recent developments

One of the major developments at Telstra has been its name change. The company is no longer known as Telstra Corporation Ltd, it has changed to Telstra Group Limited, as shown on the ASX.

Apart from this, the telecommunications giant released its annual general meeting (AGM) and FY23 guidance update on 11 October 2022. The AGM was focused on pushing Telstra’s corporate restructuring. According to the ASX filing, restructuring was an important part of Telstra's T22 plan and is a critical part of the company's T25 strategy.

During Telstra’s AGM, it was mentioned that the restructuring strategy would help Telstra to achieve more freedom in order to boost shareholder value.

Additionally, on 30 September 2022, Telstra confirmed entering into a partnership with TPG Telecom Limited (ASX:TPG) under a MultiOperator Core Network (MOCN) business arrangement. Telstra and TPG have signed three interconnected agreements, a MOCN service agreement, a spectrum authorisation agreement, and a mobile site transition agreement. According to the deal, TPG will grant Telstra permission to utilise its spectrum. In return, Telstra will offer TPG network services through active mobile network infrastructure sharing in certain regional and urban peripheral areas, which account for 17% of Australia's total population.

Lastly, as per reports, one of Telstra’s subsidiaries, MTData, partnered with Beam Communications Holdings Ltd under a AU$1.2 million contract. As per the contract requirements, Beam Communications will supply iridium airtime to Mobile Tracking and Data Pty Ltd. Telstra expects a positive contribution to its revenue and profits through this contract.