Tejas Network is the top gainer on August 24; here's why

Vishwesh Sanas
/ Categories: Trending, Mindshare
Tejas Network is the top gainer on August 24; here's why

Shares of Tejas Network Limited have risen 6.31 per cent from their previous close of Rs 494 to trade at Rs 525.15.

On August 24, at 1:52 pm, the market is marginally lower. S&P BSE Sensex is trading at 59001.83. Regarding sectoral performance, Realty is the biggest winner, while Auto and Power remain the Top Losers.  

 

Talking about stock-specific action, Tejas Network is one of the Top Gainers. Shares of Tejas Network Limited are trading at Rs 525.15 as of 1:52 pm, up by 6.31 per cent from their previous close of Rs 494. 

 

The company recently made headlines after securing a Rs 298 crore contract from Power Grid Corporation of India Limited (PGCIL). Tejas Network will supply, install, commission, and support the company's optical networking equipment as part of the contract for the pan-India expansion of PGCIL's telecom backbone and access network. 

 

Tejas Network develops high-performance optical and data networking products that are used in telecom networks, utilities, government networks, and defence networks. It belongs to the Tata Group. The majority owner of the Tejas Network is Panatone Finvest, a division of Tata Sons.  

 

Through secondary purchase, the company recently acquired 93571 equity shares of Saankhya Labs for Rs 454.19 per share, paying Rs 4.25 crore. With this transaction, Tejas Network now has a 64.4 per cent stake in Saankhya Labs.  

 

Saankhya Labs is a homegrown wireless communications and semiconductor chipset manufacturer. By 2023, Saankhya Labs Pvt Ltd hopes to commercially introduce its direct-to-mobile technology, which will enable 5G-capable mobile video streaming without the need for a data plan from a telecommunications provider.  

 

Talking about financials, Tejas Network has reported a net loss for the last three quarters. The 10-year net profit growth remains weak at 3 per cent CAGR. The company has no long-term debt on its balance sheet.  

 

In terms of shareholding, the promoters own 52.54 per cent, FIIs own 10.33 per cent, DIIs own 3.99 per cent, and non-institutional investors own the remaining 33.27 per cent. 

 

The company is part of the S&P BSE SmallCap index and has a market capitalization of Rs 8204 crore. 

 

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