Tejas Networks rallied 7.3 percent to touch a new high of Rs 939 on BSE on October 18 morning after it announced that its Italian partner, FibreConnect, rolled out broadband services in that country that was built using its telecom and networking products.
Tejas was the sole supplier of optical networking and broadband access products for FibreConnect’s country-wide FTTP (fiber-to-the-premise) rollout, the company said in an exchange filing on October 17.
FibreConnect is a wholesale telecom infrastructure player in Italy.
“We are delighted that FibreConnect chose to build the complete network in Italy using our carrier-class optical and broadband access products,” said Anand Athreya, Chief Executive Officer and Managing Director of Tejas Networks.
The work not only signalled the company’s emergence as a leading end-to-end supplier of world-class telecom equipment, it also demonstrated a growing confidence among global telcos in Tejas’ ability to design and execute complex, largescale networks, all the way from access to core, Athreya said.
Tejas Networks 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.
The company is a part of Tata Group, with Panatone Finvest, a subsidiary of Tata Sons, as the majority shareholder.
As per the latest shareholding data, foreign institutional investors (FIIs) increased their stake in Tejas Networks to 11.11 percent in the September quarter from 10.9 percent in the previous quarter.
Domestic institutional investors (DIIs), too, upped their stake to 4.03 percent in the September quarter from 3.89 percent in the previous quarter.
At 10.48 am, the stock was trading at Rs 905.25 on BSE, up 3.39 percent from the previous close.
In the past month, the stock has surged 10 percent against a 2 percent decline in the benchmark Sensex.
Source Link: Tejas Networks on a new high on tie-up with Italy's FibreConnect