Tejas Networks hits 5% upper circuit on $13 million order win

The company has received a purchase order of $13 million from a leading telecommunications service provider in South East Asia

Shares of Tejas Networks were locked in 5 per cent upper circuit at Rs 137.45 on the BSE on Thursday after the company announced that it has received a purchase order of $13 million from a leading telecommunications service provider in South East Asia.

As per the contract, Tejas will supply and install its award-winning TJ1400 ultra-converged broadband products (TJ1400UCB) 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 company said in a press release.

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. The company is ranked among top-10 suppliers in the global optical aggregation segment and has filed over 349 patents.

The stock hit a 52-week high of Rs 155.85 on December 11, 2020. It has rallied over 400 per cent from its 52-week low of Rs 28.50, touched on May 21.

The trading volumes on the counter more-than-doubled today. A combined 1.27 million equity shares had changed hands on the NSE and BSE, till 10:51 am. There were pending buy orders for around 300,000 shares on both the exchanges, data shows.