Shares of Tejas Networks surged 7 percent on October 18 in the run-up to the company's Q2 earnings, due to be released later in the day. The upmove in the stock was also triggered by a surge in trading volumes in the counter.
As much as 18 lakh shares of Tejas Networks changed hands on the exchanges so far, significantly higher than the one-month average traded volume of four lakh shares.
At 11.36 am, shares of Tejas Networks were trading at Rs 1,194 on the NSE. Aside from today's sharp swing, the stock has remained rather weak in the past three months as it shed close to 17 percent of its value.
Meanwhile, Tejas Networks also anticipates completing the deployment of all necessary network equipment and infrastructure for the rollout of 4G services at Bharat Sanchar Nigam Ltd (BSNL) by the end of this fiscal year.
In addition to the 4G deployment, the company expects to successfully conclude its network equipment trials with Vodafone-Idea by the end of this month, according to N. Ganapathy Subramaniam, advisor for telecom strategic initiatives at Tata Consultancy Services (TCS) and chairman of Tejas Networks' board of directors, a report by Live Mint said.
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At the current pace, Tejas Networks, in collaboration with TCS, aims to deploy 75,000 network sites, or towers, by the end of this year. The complete network is expected to be fully deployed and operational for customers by the end of this fiscal year.
"Some delays in the network deployment process are due to the remoteness of certain sites, which poses challenges related to power availability and other infrastructure issues. However, our network is nearly ready," the report stated.
TCS had secured a $1.83 billion contract from BSNL for this network deployment back in May last year, which is anticipated to be completed within two years, marking it as one of the largest telecommunications contracts globally.
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