Optiemus Infracom shares rise nearly 7% after announcing foray into telecom equipment manufacturing

Optiemus Infracom share price rose after the company informed the exchanges that it plans to boost indigenous designing and manufacturing of telecom equipment in India

Optiemus Infracom share price on August 20 touched an intraday high of Rs 537.9 per share on the Bombay Stock Exchange (BSE), rising 6.34 percent from its previous close of Rs 505.85 apiece after announcing foray into telecom equipment manufacturing.

The counter has been gaining for the last two days and has risen 8.2 percent in the period. The scrip is trading higher than 5-200 day moving averages.

The rise in share price was witnessed after the company informed the exchanges that it plans to boost indigenous designing and manufacturing of telecom equipment in India, aligning with Prime Minister Narendra Modi's 'Atmanirbhar Bharat' push.

The company is working with Tejas Networks as a manufacturing partner for a wide array of telecom equipment products like 4G Base Band Units / Remote Radio Head / ONT / ONU / Broadband Switches & Routers from its state-of-the-art Noida manufacturing facility, the company said in a statement.

Optiemus aims to significantly enhance the domestic manufacturing capabilities of telecom equipment, it added.

A Gururaj, MD, Optiemus Electronics said, "It is a momentous occasion as we expand our manufacturing capabilities to foray into the growing industry of telecom equipment manufacturing."

The announcement comes amid India’s ongoing efforts to move towards self reliance in the design and manufacturing sector.

Last month, the company's subsidiary Optiemus Unmanned Systems Private Limited (OUS) also announced the launch of a range of drones for agriculture and mapping purposes.

As per the data available on the exchanges, the counter has delivered multibagger returns to the shareholders in the last 365 days, rising 111.71 percent, as per BSE data. It advanced a whopping 959.41 percent in the last 5 years, making investors richer with massive gains.

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