Tejas Networks' $13 Million Worth International Order has Spurted its Shares by 5%

Tejas Networks shares spiked by five percent upper circuit at Rs.137.45 on the BSE on Thursday. The company has announced this after it had received a purchase order of $13 million from a leading telecommunications service provider in South East Asia. According to the contract, Tejas would supply and install its award-winning TJ1400 ultra-converged broadband products (TJ1400UCB) to extend high-speed broadband services into underserved rural communities in the region. The project is anticipated to be completed within the next 12 months, the company said in a press release.

Tejas Networks designs develop and sell high-performance and cost-competitive networking products to telecommunications service providers, internet service providers, utilities, defense, and government entities in over 75 countries. The company is ranked among the top-10 suppliers in the global optical aggregation segment and has filed over 349 patents.

The trading volumes on the counter more-than-doubled today. A combined 1.27 million equity shares had changed hands on the NSE and BSE, till 10:51 am. There were pending buy orders for around 300,000 shares on both the exchanges, data shows.

The company's stock hit a 52-week high of Rs.155.85 on December 11, 2020. It has surged over 400 percent from its 52-week low of Rs.28.50, which was touched on May 21.