AGC Networks hits 52-week high; stock zooms over 50% in four days

The stock hit a 52-week high of Rs 167, rallying 55% in past four trading days from Rs 108 on December 5.

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.