Vijay Kedia’s portfolio multibagger stock with Rs 9,028 crore order book: This telecom equipment company receives Rs 27,78,00,000 design-linked PLI incentives for FY23
The stock gave multibagger returns of 245 per cent in just 3 years whereas BSE Teck Index is up by 45 per cent.
Tejas Networks Ltd [BSE: 540595, NSE: TEJASNET] announced that the company has received Rs 27,78,00,000 as incentives for the fiscal year 2022 - 2023 under the PLI (Production-Linked Incentive) Scheme for telecom and networking products. The said amount accounts for 85% of the total claim for FY23 and the balance of 15 per cent is expected to be released subsequently under the PLI Scheme Guidelines.
The company is eligible to receive design-linked PLI incentives for five years, starting with fiscal year 2022 - 2023, on meeting the minimum cumulative investment of Rs 750 crore committed during the scheme period. As per the scheme guidelines, the quantum of incentives in each year will be a proportion of the company’s incremental net sales of the approved products under the scheme generated in that year over the net eligible sales done in the baseline year (2019 - 2020).
Mr Anand Athreya, CEO and Managing Director of Tejas Networks said, “We thank the empowered committee for PLI Scheme, Department of Telecommunications (DoT) and SIDBI for approving our incentive application for FY23. The Government of India’s design-linked PLI is an excellent scheme that has given a massive boost to indigenous telecom R&D and manufacturing by kickstarting a virtuous cycle of domestic innovation in this sector. As the country’s leading home-grown telecom and networking products company, we continue to make the committed R&D and other capital investments to scale up our business globally and accelerate our vision to be a top-tier telecom OEM in the next few years."
DSIJ’s 'multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.
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 defence networks.
According to the Quarterly Results announced recently, the net sales increased by 104 per cent to Rs 560 crore in Q3FY24 over Q3FY23. The company reported a net loss of Rs 45 crore in Q3FY24 compared to a net loss of Rs 15 crore in Q3FY23. As of December 31, 2023, the company order book stands at Rs 9,028 crore.
On Thursday, shares of Tejas Networks Ltd surged 6.41 per cent to an intraday high of Rs 755.70 per share from its previous closing of Rs 710.15. At the closing bell, shares of the company were trading at Rs 738.60 per share, up 4 per cent with a spurt in volume by more than 2 times on BSE.
The company has a market capitalization of Rs 12,575 crore. Vijay Kedia, an ace investor, owns Kedia Securities Private Limited, which has a 1.88 per cent stake in Tejas Networks Ltd as of December 2023. Additionally, in December 2023,
The stock gave multibagger returns of 245 per cent in just 3 years whereas BSE Teck Index is up by 45 per cent. Investors should keep an eye on this telecom stock.
Disclaimer: The article is for informational purposes only and not investment advice.
For more such updates on the go, Click here to join our WhatsApp Channel