Tejas Network Share Price Today: Shares of the telecom equipment company, Tejas Networks surged 20% in Tuesday’s session to its 52-week high of Rs 1,086.90 after its impressive quarterly results.
At 12:58 pm, shares of Tejas Networks locked at the 20 per cent upper circuit There were pending buy orders of 25,679 shares, with no sellers available. In the last one year, the stock has rallied around 65 per cent, outperforming benchmark Nifty 50 which has risen 26 per cent during this period.
The company’s consolidated net profit came in at Rs 146.78 for the quarter, compared to a loss of Rs 11.47 crore a year ago period, led by BSNL’s 4G project execution. The telecom equipment company saw growth in all product segments led by the wireless business.
Tejas benefitted from the government push for local manufacturing and the PLI scheme, large spends on BSNL, BharatNet, and the railways. References from TCom and TCS too helped the company add new clients.
The global move towards replacing Chinese telecom equipment also helped it deliver robust numbers in Q4FY24.
As per the latest shareholding pattern available with the exchanges, Panatone Finvest, a Tata Group entity owns a 55.6% stake in Tejas Networks. FIIs and DIIs hold 11.3% and 4.3% shares respectively while 28.3% shares of the company are held by the public.
Emkay Global expects FY25 revenue to be 4x FY24 on BSNL and Bharatnet execution. They increased revenue by 6%/7% for FY25/FY26 on account of the beat on their revenue estimate. They also raised their EBITDA margin by 150-10bps on the margin beat.
On account of the above-mentioned expectation, the brokerage has increased the target price for Tejas Networks to Rs 1,100 from an earlier Rs 975.
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