Shares of this Tata stock witnessed the biggest single-day gain since August; zoomed more than 12 per cent in today’s session!

In the last 2 years, the stock has witnessed heavy buying and has given multibagger returns of more than 240 per cent

On Wednesday, shares of Tejas Networks zoomed more than 12.8 per cent to make an intraday high of Rs 604.55 apiece. The scrip witnessed a massive spurt in volume by more than 5.20 times. This was the biggest single-day gain in the stock since August 2022.   

For the quarter ended December 31, 2022, the company’s consolidated revenue rose by 156 per cent on YoY basis to Rs 274.55 crore. The EBITDA level stood at Rs 8.01 crore, as against an EBITDA loss of Rs 28.3 crore in last year’ same quarter. The company narrowed its consolidated loss to Rs 10.88 crore from the corresponding quarter last year which stood at Rs 24.3 crore.   

BSNL recommended Tejas Network to deploy 1 lakh network sites to launch 4G services in the country. It would cost a sum of Rs 24,556.37 crore that includes network gear cost of about Rs 13,000 crore, as well as third-party items and a 10-year annual maintenance contract (AMC).  

Tejas Networks Ltd is a global R&D-driven telecom equipment company headquartered in India. It designs, develops and manufactures high-performance optical and data networking products that are used by telecom service providers, utilities, government and defense networks.   

In the last 2 years, the stock has witnessed heavy buying and has given multibagger returns of more than 240 per cent. In the last 1 month, the stock gained some positive traction and has surged more than 35 per cent. Keep a close eye on this Tata-backed trending stock.