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Tejas Networks stock hits upper circuit after firm receives purchase order of $13 mn

Tejas Networks share touched an intraday high of Rs 137.45 rising 4.96% against previous close of Rs 130.95 on BSE

twitter-logoBusinessToday.In | December 31, 2020 | Updated 12:21 IST
Tejas Networks stock hits upper circuit after firm receives purchase order of $13 mn
Tejas Networks share opened with a gain of 2.33% at Rs 134 on BSE

Share of Tejas Networks hit upper circuit in early trade today after the firm said it  has  received  a purchase order of $13 million from a leading telecommunications service provider in  South East  Asia. Tejas Networks share opened with a gain of 2.33% at Rs 134 on BSE.

The stock has gained 10.18% in the last 2 days. The share touched an intraday high of Rs 137.45 rising 4.96% against previous close of Rs 130.95 on BSE.

There were only buyers and no sellers for the share in trade today. 

Tejas Networks share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 44.53% in one year and since the beginning of this year.

Market cap of the firm rose to Rs 1,274 crore on BSE.

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In a month, the stock has climbed 27.21%.

"As  per  the  contract,  Tejas will supply and  install  its  award-winning ultra-converged  broadband  products  to extend high-speed  broadband  services  to  underserved rural communities  in  the  region. The project is expected to be executed within the next 12 months," the firm said.

Sanjay Nayak, Managing Director and CEO of Tejas Networks said, "We are delighted to be chosen for this prestigious project that will enable a sizable rural  population to experience the tangible  benefits  of  high-speed,  reliable  and  affordable  wireless  internet  for  the  first  time. TJ1400UCB  is  an  innovative  product that  provides  theflexibility  to rapidly rollout  broadband services  on optical  fiber, wireless  or coppermedia,  as  per  available  infrastructure, at  highly affordable costs."

Tejas  Networks  designs,  develops  and  sells  high-performance  and  cost-competitive  networking  products  to telecommunications  service  providers,  internet  service  providers,  utilities,  defence  and  government  entities  in over  75 countries. 

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