Tejas Networks shares rise 7% on winning Rs 7,492-crore;

Shares of Tejas Networks increased today by 6.61% to Rs 869. Around 0.82 lakh Tejas shares changed hands at 11:08 am, generating a transaction of Rs 7 million on the BSE.

Tejas said that it has executed a master contract for the supply, support and annual maintenance services of its Radio Access Network (RAN) equipment for BSNL’s pan-India 4G/5G network with TCS. — *Shares of Tejas Networks are trading above their respective moving averages of five, twenty, fifty, one hundred, and two hundred days.*

INTRODUCTION

Early trades today saw a surge of over 7% in Tejas Networks shares after the Tata Group company announced it had obtained a purchase order for equipment worth Rs 7,492 crore from Tata Consultancy Services, another Tata Group company.

The stock has increased by 75.82% in a year and by 40.06% in 2023. The stock’s 52-week low was Rs 468 on August 16, 2022, and it reached a record high of Rs 893 on July 20, 2023.

Tejas Networks’ one-year beta value is 1.1, which denotes strong volatility during the time frame. Shares of Tejas Networks are trading above their respective moving averages of five, twenty, fifty, one hundred, and two hundred days.

Tejas announced that it has signed a master agreement with TCS for the provision of its Radio Access Network (RAN) equipment, as well as support and yearly maintenance services, for the BSNL pan-India 4G/5G network.

Tejas would provide the necessary equipment for 100,000 sites as part of the TCS purchase order, which would be carried out between the years 2023 and 2024 and would cost Rs 7,492 crore (about $900 million), excluding GST.