Shares in Telstra Corporation Ltd (ASX: TLS) hit a new 52-week high this morning. The Telstra share price’s highest point of the last 12 months is now $3.59.
That’s just one cent more than the previous 52-week high it reached on Monday.
At the time of writing, the Telstra share price is $3.60, 0.7% higher than its closing price yesterday.
Let’s take a look at what the telecommunication company has been up to lately.
What’s Telstra been up to?
Telstra’s new 12-month high comes despite the company releasing no news to the ASX since late April. It has recently faced a series of fines – although, they don’t seem to have dinted its share price.
On 4 May, Telstra was slapped with a $1.5 million fine for breaching customer rights. The Australian Communications and Media Authority (ACMA) issued the fine after Telstra stopped customers from swapping their landlines to other carriers between March and June of 2020.
When COVID-19 first struck the world, Telstra blocked its porting facilities and shut down its overseas service centres – disallowing 42,000 of its customers from swapping providers.
On 10 May, Telstra shared some good news. It advised the public it was on track to cover 75% of Australians with its 5G network by June.
Then, on 11 May, Telstra was dealt a $50 million penalty from the Federal Court for its treatment of Indigenous customers in rural and remote parts of Australia.
The Federal Court found Telstra had signed 108 customers to phone plans knowing they didn’t understand and couldn’t afford what they were paying for.
When those who were dubiously signed to Telstra plans were unable to pay, Telstra engaged in aggravated debt recovery practices.
Telstra share price snapshot
Despite the drama, 2021 on the ASX has been good to the Telstra share price.
Currently, shares in Telstra have gained 18.44% since the start of the year. They are also 10.71% higher than they were this time last year.
The company has a market capitalisation of around $42 billion, with approximately 11 billion shares outstanding.