On the morning of October 18, Tejas Networks saw an impressive 7.3% surge in its stock, reaching a new peak at Rs 939 on the BSE. This remarkable performance follows the company’s announcement of a partnership with the Italian firm, FibreConnect, which successfully deployed broadband services in Italy using Tejas Networks’ telecom and networking solutions.
Tejas Networks served as the exclusive provider of optical networking and broadband access products for FibreConnect’s extensive country-wide fiber-to-the-premise (FTTP) project, as revealed in an official exchange filing on October 17.
FibreConnect is a prominent player in Italy’s wholesale telecom infrastructure sector.
Anand Athreya, the CEO and Managing Director of Tejas Networks, expressed his satisfaction, stating, “We are delighted that FibreConnect chose to build the complete network in Italy using our carrier-class optical and broadband access products.” This endeavor not only underscores Tejas Networks’ emergence as a leading end-to-end supplier of world-class telecom equipment but also demonstrates the growing trust of global telecommunications companies in Tejas’ capability to design and implement intricate, large-scale networks, covering access to the core.
Tejas Networks specializes in the design and manufacture of high-performance wireline and wireless networking products, serving telecommunications service providers, internet service providers, utilities, defense organizations, and government entities across more than 75 countries.
The company is a proud member of the Tata Group, with Panatone Finvest, a Tata Sons subsidiary, holding the majority stake.
According to the most recent shareholding data, foreign institutional investors (FIIs) increased their stake in Tejas Networks to 11.11% in the September quarter, up from 10.9% in the previous quarter. Additionally, domestic institutional investors (DIIs) also raised their stake to 4.03% in the September quarter, compared to 3.89% in the previous quarter.
As of 10:48 AM, the stock was trading at Rs 905.25 on the BSE, marking a 3.39% increase from the previous close.
Over the past month, Tejas Networks’ stock has experienced a remarkable 10% surge, while the benchmark Sensex has seen a 2% decline.
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