Tejas Networks hits the roof after order win

Tejas Networks hit an upper circuit of 5% at Rs 64.80 after the company said it won orders worth Rs 32 crore for a state-led BharatNet project.

Shares of Tejas Networks have risen for third straight session and have hit upper circuit for the second consecutive session. The counter has gained 10.3% in last three trading days from its previous closing low of Rs 58.75 on 2 September 2020.

Tejas Networks has received purchase order of Rs 32 crore from Sterlite Technologies (STL) and L&T Construction for its GPON (Gigabit Passive Optical Network) fiber-to-the-home (FTTH) equipment fora state-led BharatNet project in South India.

The company will supply its GPON OLT and ONT products for this project, which is being funded as a part of BharatNet, the world's largest rural broadband project that aims to deliver high-speed Internet connectivity over optical fiber to all the villages in India.

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.

Tejas Networks posted a consolidated net loss of Rs 9.76 crore in Q1 June 2020 as against a consolidated net profit of Rs 5.85 crore in Q1 June 2019. Net sales declined 50.5% to Rs 80.11 crore in Q1 June 2020 over Q1 June 2019.

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