Tejas Networks has received an advance purchase order of ₹ 696 crores for a Pan-India router network from Bharat Sanchar Nigam Limited (BSNL). It won this order while competing against top-tier global vendors in an open tender, and emerged as the lowest commercial bidder.
At 01:54 PM, the Tejas Networks’s shares were trading 5.02% higher at ₹ 609.95 apiece. However, the shares rallied 6.32% on Monday’s intraday trades to reach a high of ₹ 617.50 apiece. 7,60,373 shares had changed hands on the counter.
This is the single largest order that the company has received till-date. It involves the supply, installation and commission of over 13000 of its TJ1400 series of access and aggregation routers for realizing a converged multi-service packet network, being rolled out on a nationwide basis. The initial supplies and deployment are to be completed within the next 18 months.
The Tata Group company designs and manufactures high-performance wireline and wireless networking products for telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries. It is a small-cap company with a market capitalization of ₹ 9,779 crores.
The company reported a net loss of ₹10.88 crores in the October to December quarter of 2022 (Q3FY23), against a loss of ₹ 24.30 crores in the corresponding period last year (Q3FY22), indicating that its losses have narrowed. At the same time, its revenue increased by a whopping 156.4% to ₹ 274.55 crores in Q3FY23.
According to the shareholding pattern for the December quarter, ace investor Vijay Kedia held a 2.3% stake in Tejas Networks, through Kedia Securities Ltd. He has 35 lakh shares in the company, and his holdings were worth ₹ 214.00 crores as of Monday.
Written by Simran Bafna
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