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HFCL becomes 'trusted source' for telecom gears, shares gain 2% intraday

With this tag, HFCL joins a premium league of companies and has become a trusted source for all Indian telecom service providers for their active network products and infrastructure

December 27, 2021 / 11:49 AM IST
HFCL | The company closed the qualified institutional placement issue and raised Rs 600 crore by allocating 8,72,72,727 equity shares at issue price of Rs 68.75 per equity share.

HFCL | The company closed the qualified institutional placement issue and raised Rs 600 crore by allocating 8,72,72,727 equity shares at issue price of Rs 68.75 per equity share.

 
 
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HFCL shares gained 2 percent in the morning session on December 27 after the company received approval as a ‘trusted source’ from NSCS.


The National Security Council Secretariat (Trusted Telecom Cell) has recognised the innovation-led telecom enterprise as a trusted source on matters of national security and strategic interest.


With this tag, HFCL joins a premium league of companies and has become a trusted source for all Indian telecom service providers (TSPs) for their active network products and infrastructure, according to a filing with the exchange.


The stock was trading at Rs 78.50, up Rs 1.50, or 1.95 percent, at 11:18am. It touched an intraday high of Rs 78.70 and an intraday low of Rs 75.10.


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“We are delighted to receive the approval as a ‘trusted source’ from NSCS and are fully committed to continue serving our TSP partners with our wide range of products and services,” said HFCL Promoter and Managing Director Mahendra Nahata.


The government launched the Trusted Telecom Portal in June 2021 under the Cyber Wing of the NSCS to bring enhanced supervision and effective control over nationwide telecom networks.


The government has been trying to ensure security of telecom networks with the fifth-generation (SG) technology on the anvil. To address the rising threat of cyberattacks, intelligence gathering, which comes laced with growth in data consumption, the government announced directives that mandated the Indian TSPs to connect their networks only on those new devices that are designated as ‘trusted products’ from ‘trusted sources’, the company said.

“Our inclusion in the select list as one of the trusted source is a distinguished achievement and reinforces our commitment to delivering Make-in-India world-class products and solutions,” Nahata said.

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first published: Dec 27, 2021 11:49 am
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