BSE Telecom: Shares of these telecom sector companies are soaring in a gloomy market!

The share price of these companies is below Rs 150 and has jumped over 7 per cent on Tuesday afternoon.

As the market opened with bearish sentiment amid global cues and most sectors are trading in red, the S&P BSE Telecom Sector has beaten these sentiments and is trading in green. At 12:25 pm, when the S&P BSE Sensex is at 54,040.13, a decline of 0.65 per cent the S&P BSE Telecom Sector is at 1,610.60, a gain of 1.34 per cent. 

These three companies belonging to this sector have rallied in this gloomy environment. 

ITI Limited is engaged in manufacturing, trading and servicing telecommunication equipment, and rendering other associated and ancillary services and it focuses on offering telephone communication services. The share price of ITI has skyrocketed by 14.35 per cent making it the Group A gainer and the scrip is trading at Rs 111.95. The stock has a 52-week high of Rs 143.70 and a 52-week low of Rs 80.35. 

Mahanagar Telephone Nigam is a government-owned entity engaged in providing telecom services. The shares of this company have jumped 9.03 per cent and the scrip is trading at Rs 25.35. It is not yet clear as to why there has been massive buying of shares of this PSU. The stock has a 52-week high of Rs 40.85 and a 52-week low of Rs 16.70.

HFCL is a leading manufacturer of optical fibre cables, optical transport, power electronics, and broadband equipment for the telecommunication industry. The company informed that it received the purchase order of Rs 59.22 crore, from one of the leading private telecom operators of the country for providing services to roll out their fibre to the home network and long-distance fibre network in various telecom circles by July 2023. The shares have rallied by 7.29 per cent, and the scrip is trading at Rs 66.95. The stock has a 52-week high of Rs 101.35 and a 52-week low of Rs 51.55.