HFCL hits 52-week high on bagging Rs 623-crore order

The order is for supplying ‘indigenously manufactured’ 5G networking equipment, the company has said

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HFCL share price touched the 52-week high of Rs 94.99 in the early trade on January 20 after the company said it got a Rs 623 crore order to supply 5G equipment.

The company secured a purchase order of Rs 623 crores for the supply of indigenously manufactured 5G networking equipment. “This is first such large order for 5G networking equipment placed on any Indian company by any telecom service provider,” HFCL said.

At 9.19 am, HFCL was quoting at Rs 94.97, up Rs 6.66, or 7.54 percent, on the BSE.

HFCL has been investing in building its end-to-end portfolio of 5G networking equipment which transforms telcos’ access, transport and last-mile networking requirements, it said.

HFCL’s recent order wins were 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 managing director  Mahendra Nahata said.

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The order has to be executed by December 2024.

A meeting of the company’s board has been re-scheduled to February 1 from January 25 to consider and approve the unaudited financial results of for the third quarter and nine months ended December 31, 2023.

On January 1, the company secured an advance purchase order (APO) of Rs 1,127.27 crores from Bharat Sanchar Nigam Limited (BSNL) to transform the Optical Transport Network (OTN) infrastructure across BSNL’s Pan India network.