Shares of this small-cap Tata Group Stock soared up to 7 percent on Wednesday post a purchase order worth Rs 7,492 crores. In the last six months, the stock has gained close to 38 percent from Rs 611.65 to the current price level.
With a market capitalization of Rs 14,300 crores, the stocks of Tejas Networks Limited closed at Rs 843 in Wednesday’s trading session. The scrip witnessed an intra-day high of Rs 869.95, a gain of around 7 percent as compared to the previous close of Rs 813.30 apiece.
Such positive sentiments around the company’s stock gained traction post a regulatory filing with the BSE dated 16th August 2023 announcing the receipt of a Purchase Order from Tata Consultancy Services Limited under the “Master Contract”.
The contract is pertaining to the supply as well as annual maintenance services for Radio Access Network (RAN) equipment for the 4G/5G network of BSNL. As a part of the contract, the Telecom company received an order worth Rs 7,492 crores (excluding GST) for the supply of 4G/5G RAN equipment for approximately 1,00,000 sites.
“We are delighted to be selected as the sole supplier of 4G/5G RAN equipment for one of the largest mobile networks in the world. Our cutting-edge portfolio of baseband and radio products will enable BSNL to roll out a scalable and cost-effective network that meets world-class performance and quality standards.”, commented Mr. Anand Athreya, MD and CEO of Tejas Networks.
According to the June 2023 shareholding details, the company’s Promoters hold a 55.97 percent stake, and the Foreign Institutional Investors (FIIs) hold a 10.91 percent stake in the company.
Tejas Networks Limited is associated with the process of designing, developing, and manufacturing high-performance products for the purpose of building high-speed communication networks. The company’s primary areas of operations, geographically, include India, America, and the rest of the world with the majority coming from Indian operations.
Written by Amit Madnani
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