This Tata Group stock slips 9%, gives up Rs 1,000 mark on Q3 earnings

Shares of Tejas Networks Ltd fell sharply on Friday after the firm reported its Q3 earnings. The stock slumped 9 per cent to hit a low of Rs 994.05 over its previous close of Rs 1096.75.Tejas Networks designs and manufactures wireless networking products. Around 1.61 lakh shares of Tejas changed hands amounting to a turnover of Rs 16.38 crore on BSE. Market cap of the Tata Group firm slipped to Rs 17,619 crore. The stock hit a 52 week high of Rs 1495.10 on June 27,2024 and a 52-week low of Rs 652.05 on March 28, 2024.

At this level, the stock has lost 33.13% from its 52 week high.  On the other hand, Tejas Networks shares gained 27% in a year and zoomed 152% in three years. 

Tejas Networks has a one year beta of 1.8, signaling low volatility during the period.

In terms of technicals, the relative strength index (RSI) of Tejas Networks stands at 44.2, signaling it's trading neither in the oversold or overbought territory. Tejas Networks shares are trading lower than the 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.

Tejas Networks reported a profit of Rs 165 crore in Q3 from a loss of Rs 44.87 crore during the same period last year. 

Sales climbed 345.98% to Rs 2497.30 crore in the December 2024 quarter against Rs 559.96 crore during the previous quarter ended December 2023.

Inventory levels at the end Q3 rose to Rs 2,683 crore from Rs 494 crore last year and Rs 1,401 crore during the September quarter. The company said that it was making investments in scaling up R&D teams and operations and executing large projects.

Tejas Networks produces optical and data networking products. It designs, develops and sells high-performance and cost-competitive networking products to telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries.