Tejas Networks shares up 6% on purchase order of Rs 7,492 crore from TCS

The supply of the equipment is to be executed by the company during the calendar years 2023 and 2024.

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Tejas Networks shares were up 6 percent in early trade on August 16 after the company executed the master contract with Tata Consultancy Services (TCS) towards supply, support, and annual maintenance services of Radio Access Network equipment for BSNL’s Pan-India 4G/5G network for approximately 100,000 sites.

At 09:23 hrs Tejas Networks was quoting at Rs 843.55, up Rs 28.50, or 3.50 percent on the BSE.

As a part of this contract, the company received a purchase order (PO) for an amount of Rs 7,492 crore.

The supply of the equipment is to be executed by the company during the calendar years 2023 and 2024. And support and maintenance services will be for a period of 9 years post warranty period.

TCS is a subsidiary of Tata Sons Private Limited, which is a holding company of Tejas Networks Limited.

Tejas Networks has received necessary approval from its shareholders for the year ending March 31, 2024 for the said related party transaction with Tata Consultancy Services Limited.

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The company had posted a consolidated net loss of Rs 26.3 crore for the April-June period, surpassing a loss of Rs 11.5 crore recorded in the previous quarter. The company was Rs 6.6 crore into the red a year back.

The company’s revenue dropped 37.2 percent sequentially to around Rs 188 crore, down from Rs 299.3 crore in the last quarter. On a year-on-year basis, however, the topline was up over 46 percent.