BUSINESS

Tejas Networks Hits 5% Upper Circuit

Tejas Networks Ltd’s shares were locked in the upper circuit of 5 per cent for the fourth straight session on Tuesday at Rs 480.10 on BSE after Bharti Airtel selected the company for optical network expansion.

The stock of the telecom services company was trading at its all-time high level and has rallied 22 per cent during the period. Till 09:49 am, a combined 330,000 shares had changed hands on the counter, and there were pending buy orders for 340,000 shares on the NSE and BSE combined. In comparison, the S&P BSE Sensex was down 0.05 per cent at 60,048 points.

On September 23, 2021, Tejas Network had announced that it had been selected by Bharti Airtel (Airtel) to enhance its optical network capacity in key metropolitan markets.

Tejas Networks designs, develop and sells high-performance networking products to telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries.
In the past three months, the stock has zoomed 177 per cent after the company announced that Panatone Finvest Limited, a subsidiary of Tata Sons, will buy a 43.3 per cent stake in the telecom related services firm for Rs 1,850 crore.

On September 8, 2021, Tejas Networks said it had allotted 19.38 million equity shares of the company to Panatone Finvest through a preferential issue on a private placement basis. Post allotment, Panatone Finvest holds a 37.65 per cent stake in Tejas Networks, according to the shareholding pattern filed by the company on September 16, 2021.

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