Himachal Futuristic Communications Ltd (HFCL) has frozen upper circuit of 20% at Rs 12.69 on reports that Reliance Industries Ltd (RIL) plans to roll out its 4G network in partnership with the company.
The trading volumes on the counter surged multiple folds, with a combined 7.18 million shares have already changed hands so far, against an average sub one million shares that were traded daily in past two weeks on both the exchanges. There are pending buy orders for 925,132 shares on the NSE and BSE.
“Reliance-owned Infotel Broadband will focus on key aspects of the 4G network and monitor the rollout, but will leave ground-level execution and management to HFCL, the group from which it acquired pan-India airwaves for high-speed internet and data services in May 2010,” the report suggests.
