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HFCL bucks trend on bagging order

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Capital Market 

Himachal Futuristic Commnications (HFCL) rose 0.46% to Rs 8.82 after the company said it bagged an order worth about Rs 174.43 crore for supply of optical fibre cables.

HFCL on Sunday (24 May 2020) said it received the purchase order worth about Rs 174.43 crore from a private leading integrator of data networks for supply of optical fibre cables for construction of Telangana Fiber Grid (T-Fiber) under Bharat Net Phase-II Programme of the Government of India, in Telangana. The order is to be executed by May 2021.

On the technical front, the stock's RSI (relative strength index) stood at 32.202. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day moving average (DMA) placed at 10.06 and its 200-day moving average (DMA) placed at 15.73.

HFCL's consolidated net profit tanked 34.07% to Rs 45.58 crore on a 30.09% drop in net sales to Rs 853.47 crore in Q3 December 2019 over Q3 December 2018.

HFCL is a telecom infrastructure developer, system integrator and manufacturer of high-end telecom equipment and optical fibre cables, having its manufacturing facilities at Solan, Goa and Chennai.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, May 26 2020. 15:28 IST