Nelco rises on bagging contract from ONGC

Nelco advanced 2.07% to Rs 729.75 after the company bagged a contract for a turnkey project from Oil and Natural Gas Corporation (ONGC) worth more than Rs 40 crore.

The scope of the project entails supply, commission, and maintenance of ONGC's captive very small aperture terminal (VSAT) based network. This network will be used to enhance the communication infrastructure of ONGC's Western India offshore sites.

Nelco will revamp the existing Ku band captive network of ONGC as per their requirement, which will enable voice, and data communication between ONGC's offshore installations, and onshore locations.

The scope of the project includes upgradation of existing Ku band satellite communication infrastructure, as well as upgrading the RF and antenna systems and other necessary electronic systems at all locations. This system will enable connectivity for offshore platforms, drilling rigs, specialized vessels and onshore locations.

P J Nath, MD & CEO of Nelco, said, Nelco's vast experience in building and running operations and maintenance of large communication networks will help us in successfully delivering this project. We will be leveraging best-in-class technologies to fully meet the world class communication needs of ONGC, which is critical to their operations.

Nelco, a part of the Tata Group, is a satellite communication (SatCom or VSAT) service provider in India, providing highly reliable data connectivity solutions across the country mainly for the enterprise sector.

The company's consolidated net profit increased by 53.15% to Rs 3.40 crore on a 13.52% rise in total income to Rs 61.46 crore in Q2 FY22 over Q2 FY21.

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