Tejas Networks hits upper circuit on bagging order worth $13 million

Tejas Networks | The stock has gained 376 percent to Rs 151.35  on December 10, 2020, from Rs 31.8 on March 31, 2020.  The company's total debt in FY20 was Rs 23 crore. The investor Vijay Kedia holds a 4.21 percent holding in the company.

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Tejas Networks share price jumped 5 percent at open on December 31 after the company won an order worth USD 13 million from South-East Asia region.

Tejas Networks received a purchase order of USD 13 million from a leading telecommunications service provider in South East Asia. As per the contract, Tejas will supply and install its award-winning TJ1400 ultra-converged broadband products (TJ1400UCB) to extend high-speed broadband services to underserved rural communities in the region. The project is expected to be executed within the next 12 months, the company said in an exchange filing.

The stock was trading at Rs 136.75, up Rs 5.80, or 4.43 percent at 09:31 hours. It has touched an intraday high of Rs 137.45 and an intraday low of Rs 134.

"We are delighted to be chosen for this prestigious project that will enable a sizable rural population to experience the tangible benefits of high-speed, reliable and affordable wireless internet for the first time. TJ1400UCB is an innovative product that provides the flexibility to rapidly rollout broadband services on optical fiber, wireless or copper media, as per available infrastructure, at highly affordable costs," said Sanjay Nayak, Managing Director and CEO of Tejas Networks.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has been witnessing increase in revenue every quarter for the past 2 quarters. It has no debt with growth in net profit with increasing profit margin (QoQ).

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.