Tejas Network hit a new high and its 10% UC at Rs.104.55 today morning, with an over 2 times surge in volumes.
There was good news from the company. It has signed a MoU with Bharat Electronics for optical transmission, access and data-switching products for domestic & export markets by jointly capitalising on the emerging opportunities in defence communication, strategic communication, smart city, homeland security, metro and state network projects under the “Make-in-India” program.
Tejas Networks has recently received purchase orders totalling over Rs.60 crore from BEL, towards supply and services of its optical and data networking equipment for various projects won by BEL, which includes the Kerala Fibre Optic Network, defence communication networks and smart city projects.
The company had gone public in 2017 and the issue price was at Rs.257 and even its 52-week has not crossed the IPO price. The IPO then was steeply price and what we see now is its true intrinsic value.