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HFCL bags Rs 623 crore order; stock jumps to new 52-week high

20 Jan 2024 , 12:57 PM

HFCL's share price reached a new 52-week high of Rs 100.70 in early trading on January 20 after the firm announced a Rs 623 crore deal to deliver 5G equipment.

HFCL announced that the company has obtained a significant purchase order amounting to Rs 623 crores. The order is for the supply of domestically produced 5G networking equipment, marking a milestone as the first substantial order for such equipment from any Indian company by a telecom service provider.

At around 12.39 PM, HFCL was trading 12.45% higher at Rs 99.55, against the previous close of Rs 88.55 on NSE.

HFCL has been investing in establishing an end-to-end portfolio of 5G networking equipment that alters telcos' access, transport, and last-mile networking requirements, it added.

HFCL's recent order wins demonstrated that 'our strategy of shifting 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,' according to HFCL managing director Mahendra Nahata.

The company is to execute the order by December 2024.

A meeting of the company's board of directors has been rescheduled for February 1 from January 25 to evaluate and approve the unaudited financial statements for the third quarter and nine months ended December 31, 2023.

For feedback and suggestions, write to us at editorial@iifl.com

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