Shares of Tejas Networks were locked in the upper circuit of 5 per cent for the fourth straight session on Tuesday at Rs 480.10 on BSE after Bharti Airtel selected the company for optical network expansion.
The stock the telecom services company was trading at its all-time high level and has rallied 22 per cent during the period. Till 09:49 am, a combined 330,000 shares had changed hands on the counter and there were pending buy orders for 340,000 shares on the NSE and BSE combined. In comparison, the S&P BSE Sensex was down 0.05 per cent at 60,048 points.
Tejas will supply, install and support its state-of-the-art TJ1600 DWDM/OTN products for extending Airtel’s optical networks towards the edge, supporting 5G backhaul, B2B services and broadband applications. The enhanced capacity will enable Airtel to deliver a superior experience to its customers as data consumption in India grows rapidly, the company had said in a press release.
Tejas Networks designs, develops and sells high-performance networking products to telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries.
In the past three months, the stock has zoomed 177 per cent after the company announced that Panatone Finvest Limited, a subsidiary of Tata Sons, will buy a 43.3 per cent stake in the telecom related services firm for Rs 1,850 crore.
On September 8, 2021, Tejas Networks said it has allotted 19.38 million equity shares of the company to Panatone Finvest, by way of a preferential issue on a private placement basis. Post allotment, Panatone Finvest holds 37.65 per cent stake in Tejas Networks, according to shareholding pattern filed by the company on September 16, 2021.