Shares of telecom infra firm Himachal Futuristic Communications Limited (HFCL) rose to a record high today after the firm said it has won a purchase order of Rs 623 crore for the supply of indigenously manufactured 5G networking equipment. This is the first such large order for 5G networking equipment placed on any Indian company by any telecom service provider.
HFCL stock gained 7% to a high of Rs 94.68 against the previous close of Rs 88.31 on BSE. Earlier, shares of the telecom gear maker opened higher at Rs 92.65 on BSE.
HFCL shares have gained 33.06 per cent in one year and risen 46.80 per cent since the beginning of this year. Market cap of HFCL rose to Rs 13,494 crore on BSE. Total 3.61 lakh shares of the firm changed hands amounting to a turnover of Rs 3.37 crore.
The stock fell to a 52-week low of Rs 55.75 on March 28, 2023.
In terms of technicals, the relative strength index (RSI) of HFCL stock stands at 61, signaling it's trading neither in the oversold nor in the overbought zone. The stock has a beta of 0.9, indicating low volatility in a year.
Commenting on the order win, Mahendra Nahata, Managing Director of HFCL said, "With India being at the forefront of 5G rollout and technological evolution, HFCL remains steadfast on the path of innovation and progress. Our recent order wins are clearly a testament that our strategy of moving from projects to margin accretive products, launching new products, reaching out to new customers and new geographies is paying off well and will bolster our position even further in 2024."
HFCL Limited is primarily engaged in manufacturing of telecommunication equipment, optical fiber cables and intelligent power systems. The company is a manufacturer of optical fiber cables, optical transport, power electronics and broadband equipment for the telecommunication industry.
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