Tejas Networks shares hit a 52-week high of Rs 934.90 during the trading session on 8 September after the company received a mobilisation advance of Rs 750 crore from Tata Consultancy Services.
The capital received by the company is in regard to the deal for supplying radio access network equipment for BSNL’s pan-India 4G/5G network.
The company received the contract from Tata Consultancy Service in August for the supply, support, and annual maintenance services for Radio Access Network equipment for BSNL’s Pan-India 4G/5G network at approximately 1,00,000 sites.
The company will supply the equipment by 2024, and the support and maintenance period of the contract is for 9-years, post-warranty period.
During the company’s quarterly report for the April-June quarter, the company posted a net loss of Rs 26.3 crore from the Rs 11.5 crore net loss reported in the previous quarter.
The company’s revenue from operations saw a steep decline of 37.2% from the previous quarter at Rs 188 crore.
The losses incurred by the company were caused by multiple factors, such as a Rs 31.3 crore charge for employee stock options, ongoing research and development, and increased component costs.
At 12:18 pm, the shares of Tejas Networks were trading at Rs 902.75 or 1.05% above its previous close on NSE.