Tejas Networks bags new order; stock locks in at upper circuit

Tejas Networks announced that it has received a new order worth Rs 32 crore from Sterlite Technologies (STL) and L&T Construction for its gigabit passive optical network (GPON) fibre-to-the-home (FTTH) equipment. Reacting to the news, the stock of the company locked in at its upper circuit of 5 per cent at Rs 64.80.

Tejas Networks will supply its GPON OLT & ONT products required by the companies for the project, which is being funded as a part of BharatNet.

BharatNet is one of the world’s largest rural broadband projects aimed towards delivering high-speed internet connectivity over optical fibre to all the villages in India. The company is considered as one of the leading suppliers of GPON OLT/ONT products for the BharatNet Phase 1 project. The government of India has also honoured Tejas Networks as one of the best performing equipment suppliers for BharatNet Phase-1.

On a YTD basis, the stock of Tejas Networks has declined by nearly 29.53 per cent but since the beginning of the current fiscal year, the stock has recovered and in fact, doubled. In the present month itself, i.e. in a span of just seven days, the stock has gained by 8 per cent.