Nelco, which had closed yesterday at Rs.778.80, opened today at Rs.848 and surged to its 10% UC of the day at Rs.856.65 where it now remains frozen.
The stock price hit the UC on news that it has entered into a pact with Intelsat Commercial to launch in-flight connectivity services in India.
Intelsat is one of the world’s largest integrated satellite and terrestrial network and leading provider of inflight connectivity (IFC).
With this, Intelsat’s airline partners and flyers as they will enjoy end-to-end broadband coverage on domestic and international aircraft flying to or from an Indian airport, as well as aircraft flying over the country.
This agreement with Nelco opens the possibility for Intelsat to serve India’s domestic airlines as this is a fast-growing airline market, and there is considerable untapped potential for IFC growth.
Nelco has been offering the Aero IFC services for more than two years with plans to introduce these services to more airlines in collaboration with its global partners.