Tejas Networks advances after new order win

Tejas Networks rose 2.55% to Rs 376 at 09:18 IST on BSE after the company announced that it has won an expansion order of Rs 336 crore from BSNL for BharatNet.

The announcement was made after market hours yesterday, 27 March 2018.

Meanwhile, the S&P BSE Sensex was down 151.96 points, or 0.46% to 33,022.43. The S&P BSE Mid-Cap index was down 80.91 points, or 0.5% to 15,967.42

On the BSE, 1,164 shares were traded in the counter so far, compared with average daily volumes of 84,000 shares in the past two weeks. The stock had hit a high of Rs 377 and a low of Rs 373.40 so far during the day. The stock hit a record high of Rs 472.20 on 9 January 2018. The stock hit a record low of Rs 257 on 27 June 2017.

Tejas Networks announced that it has received a new purchase order of Rs 336 crore from BSNL for expansion of BharatNet, the world's largest rural broadband project.

Sanjay Nayak, Managing Director and CEO of Tejas Networks said that the company continues to see strong growth potential for business over the next few years, especially from customers in India, driven by the exponential growth in data traffic and robust capex investments on broadband infrastructure.

On a consolidated basis, net profit of Tejas Networks rose 158.49% to Rs 30.14 crore on 14% fall in net sales to Rs 229.87 crore in Q3 December 2017 over Q3 December 2016.

Tejas Networks designs, develops and sells networking products to telecommunications service providers, internet service providers, utilities, defence and government entities in over 65 countries.

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