HFCL shares rise 5%, hit 52-week high; here's why 

Shares of HFCL hit a fresh 52-week high on Monday amid a rally in the broader market. HFCL stock gained 5% to a 52 week high of Rs 170 against the previous close of Rs 161.75 on BSE. HFCL stock opened higher at Rs 165.40 on BSE. The rally in the stock came after the firm announced a strategic partnership with General Atomics Aeronautical Systems Incorporated (GA-ASI. 

HFCL shares have gained 133 per cent in one year and gained 99% per cent since the beginning of this year. Market cap of HFCL rose to Rs 24,345 crore on BSE. Total 11.02 lakh shares of the firm changed hands amounting to a turnover of Rs 18.54 crore.

The stock has a beta of 1.9, indicating very high volatility in a year. The stock fell to a 52-week low of Rs 61.52 on October 26, 2023. In terms of technicals, the relative strength index (RSI) of  HFCL stock stands at 65.6, signaling it's trading neither in the oversold nor in the overbought zone. HFCL shares stand higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

"We are pleased to announce to all our stakeholders about the Company's strategic partnership with General Atomics Aeronautical Systems Incorporated (GA-ASI). In a significant development that underscores HFCL's technical prowess and commitment, the Company has been selected to develop and supply critical sub-systems for GA-ASI's advanced Unmanned Aircraft Systems (UAS). This partnership marks a milestone in HFCL's journey, as it becomes a key contributor to one of the world's most sophisticated Unmanned Aerial Vehicles (UAVs," said HFCL on Sunday. 

HFCL Limited is primarily engaged in manufacturing of telecommunication equipment, optical fiber cables and intelligent power systems. The company is a manufacturer of optical fiber cables, optical transport, power electronics and broadband equipment for the telecommunication industry. It provides solutions for building wireless and optical telecommunication networks, such as optical transport networks (DWDM), rural global system for mobile communications (GSM) networks, broadband access networks, radio backhaul, fiber to the home and in-building solutions.