The shares of this telecom equipment manufacturing company jumped up to 2 percent after it bagged an order worth Rs. 96.42 crores from the Department of Space. The shares have given more than 30 percent returns to its shareholders on a YTD basis.
With a market capitalization of Rs. 14,138 crores, the shares of Tejas Networks Ltd started Friday’s trading session on a flatter note at Rs. 831 compared to its previous close of Rs. 831.65. The shares hit a high of Rs. 846, gaining around 2 percent and currently trading at Rs. 830.60 apiece.
Such a positive movement was observed after the company in an exchange filing mentioned that the company’s subsidiary Saankhya Labs had received a Provisional Purchase order worth Rs. 96.42 Crores from New Space India Limited (NSIL), a wholly owned Government of India.
The order is for supply, commissioning, and installation of two-way MSS terminals (Xponders) for Vessel communication and Support System in Marine Fishing Vessels for Monitoring, Surveillance and Control(MCS) along the coastal states of India.
According to the agreement, Saankhya Labs in coordination with NSIL, ISRO and the Department of Fisheries shall deploy its designed and developed satellite terminals (Xponders) on motorized and mechanized fishing vessels.
Once commissioned, the network shall provide vessel communication and support systems enhancing the safety and security of fishermen and would mitigate sea-borne threat concerns from a national security perspective. In addition, the Xponders also enable navigational assistance, automatic boundary-crossing alarms and emergency weather alerts to fishermen.
Coming to the financial statements published by the company, the revenue magnified by 110 percent from Rs. 188 crores in the June quarter to Rs. 396 crores during the September quarter. Furthermore, the net loss of the company narrowed from Rs. 26 crores to Rs. 13 crores during the same timeframe.
The company recorded an order book of Rs. 9,271 crores and aims to increase in the next quarters. Moreover, they are focusing on growing its international business and targeting markets in Europe and the US and expects to launch 5G products next year and leverage its IP and technology for efficient implementation.
Headquartered in Bengaluru, Tejas Networks Ltd was incorporated in 2000. The company designs, develops and manufactures high-performance optical and data networking products that are used by telecom service providers, utilities, government and defence networks.
Written By Vaibhav patil
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