Nelco opened 3.5% higher at Rs.645 and rose to an intraday high at Rs.654.85, hitting the 5% UC where it now stays frozen.
The company reported a robust growth in earnings for Q1FY23. Its consolidated revenue rose 48% (YoY) at Rs.82 crore and net profit came in at Rs.5 crore, up 8%.
And sequentially, net profit was up 56% on a 14% jump in topline.
A Tata group company, it currently is a leading Satellite Communication (SatCom or VSAT) Service Provider in India, providing highly reliable data connectivity solutions across the country mainly for the Enterprise sector. Tata Power holds 50.1% stake.