Nelco freezes at 5% upper circuit on strategic pact with Omnispace

Shares of Nelco were locked in the 5 per cent upper circuit band at Rs 678.60 on the BSE on Thursday after the Tata Group company and Omnispace announced a strategic cooperation agreement to enable and distribute 5G non-terrestrial network (NTN), direct-to-device satellite services.

"The collaborative effort will expand the reach of 5G using satellite communication throughout India and South Asia. This agreement with Omnispace allows Nelco to expand its services by including 5G satellite direct-to-device connectivity solutions to its portfolio of satcom services for serving existing and new customers across South Asia, using the world’s first global 5G NTN network," the company said in press release. READ HERE

Nelco is a leading Satellite Communication Service Provider in India, providing highly reliable data connectivity solutions across the country mainly for the Enterprise sector as well as for Aero IFC and Maritime. The Company has the necessary licenses for offering Satcom services in the country including the In-flight & Maritime Communication (IFMC) services.

This strategic agreement with Omnispace will focus on enabling the use of 5G direct-to-device communications using, Omnispace’s global NGSO satellite network across various market segments. The Omnispace network will deliver IoT-based solutions and a seamless mobile connectivity experience beyond the boundaries of existing mobile networks.

Till 10:15 am, a combined around 20,000 shares had changed hands on the exchanges. There are pending buy orders for about 75,000 shares on the NSE and BSE. The stock had hit a 52-week high of Rs 969 on October 19, 2021.

Currently, Nelco is trading under the T group on the BSE. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed.