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AGC Networks hit a 52-week high of Rs 167, up 13% on the BSE in intra-day trade, extending its over 35% surge of the past three trading sessio after Essar Telecom, the promoter released pledge shares. Since December 5, the stock rallied 55% from Rs 108, as compared to 1.7% rise in the S&P BSE Sensex. The company informed the stock exchanges that Essar Telecom, the promoter has released its entire 21.32 million or 74.89% of total equity capital of the company. Essar Telecom had pledged shares with Export-Import Bank of India as collateral for loans taken by Essar Services (Mauritius), according to disclosure made by AGC Networks. AGC Networks is a global solution integrator representing the world’s best brands in unified communications, network infrastructure & data center, cyber security (CYBER-i) and enterprise applications to evolve the customer’s digital landscape. At 01:27 PM; the stock was up 9% at Rs 161 as compared to 0.26% rise in the benchmark index.
The trading volumes on the counter jumped more than four-fold, with a combined 598,385 shares changed hands on the NSE and BSE.