Shares of HFCL soar beyond 7% on receipt of order for the supply of Optical Fibre Cables

Shares of HFCL soar beyond 7% on receipt of order for the supply of Optical Fibre Cables

Indian Market
by 5paisa Research Team Last Updated: 2022-10-31T21:09:58+05:30

On October 31, the benchmark indices ended higher for the third consecutive day with Nifty reclaiming the 18,000 mark.

In today's trade UltraTech Cement, Eicher Motors, M&M, HDFC and Sun Pharma were among the top Nifty gainers, while losers included Apollo Hospitals, Dr Reddy’s Labs, NTPC, IndusInd Bank and Britannia Industries.

Amongst the other stocks, the shares of HFCL caught investors' eyes as the shares jumped from Rs 78 to Rs 82.75 on an intraday basis, gaining around 7.4% after a flat performance in the past five trading sessions.

On October 30, 2022, the company announced that it received purchase orders amounting approximately to Rs 115 crore from Reliance Projects & Property Management Services Limited for the supply of Optical Fiber Cables to one of the leading private telecom operators of the country.

The company expects to complete the order by January 2023. This order completes the company receiving the fifth order win over the last two months since August 29, 2022.

During the September quarter results, the management asserted that earlier order wins from RailTel, Reliance Projects, and others were added to the order book of the company making it reach Rs 5,200 crore. In revenue terms, HFCL’s revenue in Q2FY23 stood at Rs 1,173 crore compared to Rs 1,051 crore in the previous quarter and Rs 1,122 crore in Q2FY22.

HFCL (Himachal Futuristic Communications Limited) is a diverse telecom infrastructure enabler with active interest spanning telecom infrastructure development, system integration, and manufacture and supply of high-end telecom equipment, Optical Fiber and Optic Fiber Cable (OFC).

The shares of HFCL have gained 11.37% over the last one month, whereas it has zoomed 21.4% in the past six months. However, on a YTD basis, the shares have underperformed the benchmark indices gaining only 1.79% in 2022, so far.

Keep this stock on your watchlist for upcoming trading sessions!

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