Tejas Networks hits 5% upper circuit for 4th day on order win from Airtel
Tejas Networks, on September 23, announced that it has been selected by Bharti Airtel to enhance the company's optical network capacity in key metropolitan markets.
Tejas Networks’ shares closed at Rs 480.10 on the BSE on Tuesday, caught in the upper circuit of 5% for the fourth consecutive session after Bharti Airtel selected the company for optical network expansion.
The telecom services company’s stock was trading at an all-time high and had gained 22% throughout the period. On the NSE and BSE combined, 330,000 shares had changed hands as of 09:49 a.m., and there were pending buy orders for 340,000 shares. The S&P BSE Sensex, on the other hand, was down 0.05 percent at 60,048 points.
The stock has increased by 177 percent in the last three months after the company announced that Pantone Finvest Limited, a Tata Sons subsidiary, will purchase a 43.3 percent share in the telecom-related services firm for Rs 1,850 crore.
Tejas Networks announced on September 8, 2021, that it had allotted 19.38 million equity shares to Pantone Finvest through a preferential issuance on a private placement basis. According to a shareholding pattern disclosed by Tejas Networks on September 16, 2021, Pantone Finvest holds a 37.65% stake in the company following the allotment.