HFCL shares scale 52-week high on Rs 40.36-crore purchase order

HFCL shares scale 52-week high on Rs 40.36-crore purchase order

The company will supply of various types of optical fiber cables as per customer specifications and said order is to be executed by June 2024.

HFCL

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The share price of HFCL gained more than a percent to scale a 52-week high in early trade on February 27 after the company received purchase orders aggregating to Rs 40.36 crore for supply of optical fibre cables to one of the leading private telecom operators of the country.

The share price touched a 52-week high of Rs 117.70 and quoted Rs 116.30, up Rs 1.50, or 1.31 percent, on the BSE at 9:36am.

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The company will supply of various types of optical fibre cables as per customer specifications and the order is to be executed by June 2024.

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Last week, the company’s board of directors approved the strategic expansion into Europe with the setting up of an optical fibre cable manufacturing facility in Poland.

The proposed manufacturing facility in Poland will begin with an initial capacity of 3.25 mfkm per annum with a capital outlay of up to Rs 144 crore. This facility is scalable up to 7 mfkm pa.

Earlier this month, the company secured a purchase order aggregating to Rs 141 crore (capex of Rs 119 crore plus AMC of Rs 22 crore) for supply of indigenously designed and manufactured Unlicensed Band Radios (UBRs) and other associated services to Bharat Sanchar Nigam Limited (BSNL).

The company had posted a 20 percent fall in its December quarter net profit at Rs 82.43 crore.

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