HFCL hits 52-week high, zooms over 10% on heavy volumes

Shares of HFCL zoomed over 10 per cent to high a fresh 52-week high of Rs 82.05 on the BSE in intra-day deals on Monday. In the process, the stock has zoomed over 21 per cent in the last two trading sessions after unveiling new products for the defence market.

At 11:35 AM, the stock quoted at Rs 80.60 up 8.8 per cent backed by heavy volume of around 36.59 lakh shares as against the two-week average volume of around 11.05 lakh shares on the BSE. Meanwhile, the S&P BSE Sensex was up marginally at 71,510.

In an exchange filing on Friday, HFCL said the company through its 90 per cent owned subsidiary, Raddef Private Limited, a R&D enterprise specialising in cutting edge radars and RF solutions, has designed a range of Surveillance Radars catered to meet diverse operational needs.

"These radars employ Frequency Modulated Continuous Wave (FMCW) technology offering numerous advantages over other radar technologies, including high accuracy, low power consumption, and resistance to interference.", said the release.

The worldwide market for surveillance Radars is expected to reach to $12 billion per annum by 2030 from the current market size of $6.87 billion per annum, the release added.

That apart, earlier this month, the company had secured work orders aggregating to Rs 1,015 crore, from Madhya Pradesh Jal Nigam, a Government of Madhya Pradesh Undertaking (MPJN).

The said order encompasses for providing EPC Services including provision for laying of optical fiber cables on critical and important routes, for the execution of Multi - Village Drinking Water Supply Network in Sheopur district of Madhya Pradesh. This order is expected to boost the company's revenue and profitability, the release stated.

Further, the Company along with its material subsidiary, HTL Limited, had received the purchase orders aggregating to Rs 67 crore for supply of Optical Fiber Cables to one of the domestic Telecom Service Providers.