Tejas Networks hits new high, gains 5% on receiving Rs 750 cr from TCS
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Shares of Tejas Networks rallied 4.7 per cent to hit a new high at Rs 935 on the BSE in Friday's trade after the company said it received Rs 750 crore for the BSNL project.
At 09:42 AM, the stock had pared some gains and was up 1.5 per cent at RS 907. The counter saw trades of around 30,000 shares on the BSE as against the two-week average volume of around 72,000 shares. Meanwhile, the S&P BSE Sensex was up 0.3 per cent at 66,471.
The stock has witnessed a stupendous rally so far in 2023, and has gained 61.8 per cent as against a 9.3 per cent rally in the Sensex.
According to reports, the company has received the mobilization advance of Rs 750 crore from Tata Consultancy Services, towards the supply of Radio Access Network equipment for BSNL's pan-India 4G/5G network.
Earlier in May 2023, a TCS-led consortium has secured a mega order worth Rs 15,000 crore for 4G deployment from BSNL.
The consortium included, Tejas Networks, Centre for Development of Telematics (C-DOT) and the central government's public sector undertaking ITI. According to reports, around 75 per cent of the deal value was for TCS.
Tejas Networks is a part of the Tata Group, with Panatone Finvest (a subsidiary of Tata Sons) being the majority shareholder. The company designs and manufactures high-performance wireline and wireless networking products for telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries.
Meanwhile for the quarter ended June 2023, Tejas Networks reported a net loss of Rs 1.47 crore. In the corresponding quarter a year ago, the company had posted a net profit of Rs 0.54 crore. Total income, however, rose 33 per cent year-on-year to Rs 16.71 crore from Rs 12.56 crore.
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