Shares of Blue Cloud pared early gains on Thursday after the company said it has been empanelled as an official partner of Bharat Sanchar Nigam Limited (BSNL) for 5G Fixed Wireless Access (FWA) services.
The stock rose over 4 percent in early trade before paring gains amid profit booking.
In a regulatory filing, the company said the empanelment allows Blue Cloud Softech Solutions Ltd (BCSSL) to deliver high-performance Internet Leased Line (ILL) services across the Maharashtra and Goa circles. The development is expected to strengthen the company’s presence in the western region.
The company said the BSNL partnership complements its existing collaboration with Konkan Railway Corporation Ltd (KRCL) under a memorandum of understanding. Under the arrangement, BCSSL plans to leverage KRCL’s dark fibre backbone to deploy 5G FWA connectivity and digital services across railway stations in the first phase.
The integrated business model, which includes deployment of 5G FWA, rollout of digital products and implementation of smart rail solutions, is expected to generate financial opportunities, the company added.
Additionally, the company informed that its promoter acquired additional shares through preferential allotment, leading to a total of 28.66 crore shares.
Meanwhile, the equity benchmark indices Sensex and Nifty recovered early losses on Friday, supported by value buying at lower levels and improved investor sentiment after foreign institutional investors (FIIs) turned buyers.
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