Tejas Networks shares jump 20% ahead of quarterly results; here's what tech analysts say

Tejas Networks Ltd shares on Monday zoomed 19.82 per cent to hit an intraday high value of Rs 928.95. The stock eventually settled 16.83 per cent higher at Rs 905.75. At this price, it was down 3.63 per cent from its one-year high of Rs 939.90, a level seen on October 18 last year.

Despite the mentioned drop, the counter has gained 46.56 per cent compared to its 52-week low of Rs 618, hit on May 5, 2023.

The company is scheduled to come up with its fourth-quarter (Q4 FY24) results later in the day today.

Technical analysts largely remained 'positive' on the counter.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The stock is in a stellar uptrend on a broader timeframe. However, it has undergone some correction recently from Rs 940 to Rs 650. Rs 880-870 levels should now be seen as immediate support zone, followed by Rs 840. On the higher end, the stock seems poised to reclaim its 52-week high and sustainability would soar it into uncharted terrain in the comparable period."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 890 and resistance at Rs 940. A decisive close above Rs 940 level may trigger a further upside till Rs 1,000. The expected trading range will be between Rs 860 and Rs 1000 for a month."

Tejas Networks manufactures wireless and wireless networking products for telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries. Part of the Tata Group, Tejas' majority shareholder is Panatone Finvest, a subsidiary of Tata Sons.