Tejas Networks share hit the upper circuit of 5% in early trade today after telecom firm Bharti Airtel selected the company for the expansion of its optical network capacity in key metros.
Tejas Networks share zoomed 5% to Rs 414.80 against the previous close of Rs 395.05 on BSE. The stock has gained after five days of consecutive falls.
Tejas Networks stock opened with a gain of 5% at Rs 414.80. The market cap of the firm rose to Rs 3,886.99 crore.
Total 955 Tejas shares changed hands amounting to a turnover of Rs 3.96 lakh crore on BSE.
The stock hit a 52-week high of Rs 470.45 on September 13, 2021, and a 52-week low of Rs 67.10 on October 15, 2020.
The firm will supply and install its TJ1600 DWDM/OTN products to extend Airtel's optical network, support 5G backhaul, offer B2B services and broadband applications. With its enhanced capacity, Airtel will deliver a superior experience to its customers, the company said.
Tejas' TJ1600 is an optical transport platform that consolidates multiple layers of networking functions. It also supports wireless backhaul, data centre connectivity, enterprise services, router bypass and wholesale services.
Sanjay Nayak, Managing Director and CEO of Tejas Networks said, "Under this new contract, we will provide our multi-terabit TJ1600 DWDM/OTN products to augment Airtel's metro network capacity right up the network edge. We are happy to see that our TJ1600 platform, with its "pay-as-you-grow" modular design supporting 100Gbps to 600Gbps wavelengths and a universal OTN/DWDM architecture offering advanced bandwidth expansion and optimisation, is gaining significant traction among leading telecom service providers around the globe."
Tejas Networks reported a strong set of earnings in Q1 of this fiscal. Net sales in the June quarter rose 80.06% to Rs 144.25 crore against Rs 80.11 crore in the corresponding quarter of the previous fiscal.
The net profit of the firm stood at Rs 7.55 crore in Q1, rising 177.36% against a loss of Rs 9.76 crore in the June quarter of last fiscal.