Trending Stock: Tejas Networks secures Rs 107.73 crore purchase order from TCS

Indian benchmark indices continued their downward trend, echoing the global market’s bearish sentiment. Most sectoral indices experienced declines, with the exception of BSE Financial Services and BSE Realty, which managed to hold their ground. With 1,804 shares rising on the BSE and 1,594 shares declining, the advance-decline ratio still remained in favour of advances.

Tejas Networks Ltd garnered significant attention as it secured a substantial purchase order from Tata Consultancy Services (TCS) worth Rs 107.73 crore. This order pertains to the supply of equipment for BSNL’s nationwide 4G/5G network and is part of the overarching Master Contract that has been established between TCS and Tejas Networks Ltd.

Additionally, the company made a recent announcement that FibreConnect, an inventive wholesale telecom infrastructure developer operating in Italy, has effectively introduced its broadband services in the country, leveraging the cutting-edge telecom and networking solutions provided by the company.

The stock witnessed a notable surge in buying activity, gaining more than 2% during the initial trades of the session. Currently, the shares are trading at Rs 906.90 per share, with a 52-week high of Rs 939.90 per share on the BSE.

Considering the company’s financial performance, on a consolidated basis, it reported a notable growth of 49.4% from Rs 125.76 crore registered in Q1FY23, recording total revenue of Rs 187.89 crore in Q1FY24. In contrast, the company reported a net loss of Rs 26.29 crore for the first quarter of FY24, marking a significant increase from the loss of Rs 6.64 crore recorded in the corresponding quarter of the previous year.

Tejas Networks Ltd, an integral part of the Tata Group, specializes in the design and production of top-tier wireline and wireless networking solutions. These products cater to a wide range of clients, including telecommunications service providers, internet service providers, utilities, as well as defence and government entities, spanning more than 75 countries.

Keep a close eye on this stock for the upcoming trading sessions!

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.