1300 per cent returns: This Tata group multibagger stock creates waves in Dalal Street; zoomed 17 per cent to reach an all-time high level!
The stock has witnessed significant buying activity as it has given multibagger returns of more than 1300 per cent in just 3 years
On Thursday, shares of Tejas Networks zoomed more than 17 per cent to trade at an all-time high level of Rs 864 apiece. The scrip witnessed a massive spurt in volume by more than 18 times.
In today's trading session, the telecom equipment maker's shares reached an all-time high, experiencing the largest single-day increase since November 2019. Since the beginning of calendar year 2023, the stock has surged by 35 per cent, and it has seen gains in two out of the last three sessions. Moreover, today's trading volumes are more than 20 times greater than the stock's 20-day average.
In May,2023, the company, as a member of the TCS-led consortium, secured a significant role in the Bharat Sanchar Nigam Ltd. (BSNL) 4G Project. BSNL awarded an Advance Purchase Order (APO) to both TCS and ITI for this nationwide 4G project. As part of the consortium, Tejas Networks will be responsible for supplying and servicing the Radio Access Networks (RAN) equipment.
Tejas Networks has also secured a groundbreaking advance purchase order valued at Rs 696 crore from BSNL. The order entails upgrading their nationwide IP-MPLS based Access and Aggregation Network (MAAN) using Tejas Networks' advanced routers. This deal represents the largest single order ever received by Tejas Networks, marking a significant milestone in the company's history.
In Q4FY23, the company’s consolidated revenue rose by 126.61 per cent on YoY basis to Rs 284.39 crore. The EBITDA level stood at Rs 25.13 crore, registering a growth of 90.23 per cent from last year’s same quarter. The company narrowed its consolidated loss to Rs 25.13 crore from the corresponding quarter last year which stood at Rs 74.80 crore.
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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.
The stock has witnessed significant buying activity as it has given multibagger returns of more than 1300 per cent in just 3 years. In the last 1 year, the stock gained some positive traction and has surged more than 70 per cent. Keep a close eye on this Tata-backed trending multibagger stock.