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Last Updated : Nov 25, 2019 10:09 AM IST | Source: Moneycontrol.com

Tejas Networks share price gains 2% after ICRA reaffirms long term rating to 'A'

The outlook on the long term rating has been revised from positive to stable.

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Share price of Tejas Networks jumped over 2 percent intraday on November 25 after rating agency ICRA reaffirmed its long term rating for company's Line of Credit (LOC) at A. The outlook on the long term rating has been revised from positive to stable.

The stock has zoomed over 41 percent in the last 3 days and was quoting at Rs 96.00, up Rs 2.15, or 2.29 percent.

The company expects its earnings to recover in the second half of the ongoing financial year by focusing more on private-sector orders and tapping into under-penetrated international markets, said Managing Director and Chief Executive Officer Sanjay Nayak.

For the September quarter, Tejas Network's revenue fell 58 percent to Rs 87 crore with a net loss of Rs 4.4 crore versus net profit of Rs 33.5 crore. The company's EBITDA declined 86 percent to Rs 6.4 crore while EBITDA margin stood at 7.4 percent against 21.5 percent.

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First Published on Nov 25, 2019 10:09 am
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