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Stock of this telecom equipment maker has zoomed over 100% in 3 weeks

In the past three weeks, the stock of telecom equipment company has zoomed 128 per cent from level of Rs 13.89 on August 18, 2020

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SI Reporter  |  Mumbai 

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Shares of Punjab Communications (PUNCOM) hit the upper circuit of 5 per cent at Rs 31.60, hitting a 52-week high on the BSE on Wednesday in otherwise weak market.

In the past three weeks, the stock of telecom equipment company has zoomed 128 per cent from level of Rs 13.89 on August 18, 2020, after Government of Punjab, promoter of the company, issued an global "Expression of lnterest" (EOl) for the strategic disinvestment of 71.20 per cent shareholding in the company. In comparison, the S&P BSE Sensex has lost 1 per cent during the same period.

On August 24, the Directorate of Public Enterprises & Disinvestment (DPED), Government of Punjab had issued a global invitation for "Expression of Interest" (EOI) for the strategic disinvestment of 71.20 per cent shareholding in PUNCOM. The promoter held 71.12 per cent stake in the company through Punjab Information & Communication Technology Corporation (PICTCL) and another 0.08 per cent held via Punjab State Industrial Development Corporation Limited (PSIDC).

The Government of Punjab has granted in-principal approval to disinvest 100 per cent of its equity shareholding in PUNCOM through strategic disinvestment with transfer of management control. The GoP, through the DPED has appointed Resurgent India as its advisor to advise and manage the Transaction. EOI shall be submitted physically by the Interested Bidder on or before 03.10.2020. CLICK HERE TO READ FULL RELEASE

Punjab Communications is a leading manufacturer and supplier of telecommunication and IT equipment solutions in India. Its diverse product range covers voice/data multiplexers, power plants, optical / transmission equipment and PLCC. The company caters to the growing telecommunications, networking and broadband needs of major organizations and service providers in the country including BSNL, railways, power sector, defense, private sector, private service operators, corporates etc.

Punjab Communications trades under ‘T’ group, where trades are settled on trade-to-trade basis. In 'T' segment no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.

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First Published: Wed, September 09 2020. 15:17 IST