HFCL shares zoom 4% on receiving orders from Reliance Retail; check details

Shares of telecom infra firm Himachal Futuristic Communications Limited (HFCL) rose over 4 per cent today after the firm said it has secured orders worth Rs 137.63 crore from Reliance Retail Ltd. HFCL stock gained 4.37% to Rs 66.59 against the previous close of Rs 63.80 on BSE. Earlier, shares of the telecom gear maker opened flat at Rs 63.81 on BSE. HFCL shares have lost 0.30 per cent in one year and fallen12 per cent since the beginning of this year. Market cap of HFCL rose to Rs 9156.58 crore on BSE. Total 10.11 lakh shares of the firm changed hands amounting to a turnover of Rs 6.59 lakh. 

The stock hit a 52-week low of Rs 55.75 on March 28, 2023 and a 52-week high of Rs 88.80 on December 9, 2022. In terms of technicals, the relative strength index (RSI) of  HFCL stock stands at 41.2, signaling it's trading neither in the oversold nor in the overbought zone. The stock has a beta of 1.3, indicating very high volatility in a year.  

“The company along with its material subsidiary, HTL Limited, has received the purchase orders aggregating to Rs 137.63 crore from Reliance Retail Limited for supply of optical fiber cables to one of the leading private telecom operators of the country,” said HFCL. 

The orders have to be executed by December 2023. 

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. 

Also read: IRFC shares recover 87% from 52-week low; can they hit Rs 50 mark? 

Also read: Hot stocks on August 1, 2023: Adani Green, Power Grid, Adani Energy Solutions, DLF and more