HFCL Limited, a leading telecom infra firm, witnessed a surge in its shares by over 4% today after announcing that it has secured orders worth Rs 137.63 crore from Reliance Retail Ltd. The news triggered a positive sentiment among investors, propelling HFCL stock to Rs 66.59, a significant gain from the previous close of Rs 63.80 on BSE. The stock had opened flat at Rs 63.81 on the same exchange.
Over the past year, HFCL shares have experienced a marginal decline of 0.30%, while since the beginning of this year, they have fallen by 12%. However, the market cap of HFCL rose to an impressive Rs 9156.58 crore on BSE. The trading activity saw a total of 10.11 lakh shares exchanging hands, amounting to a turnover of Rs 6.59 lakh.
The company’s stock journey displayed a 52-week low of Rs 55.75 on March 28, 2023, and a 52-week high of Rs 88.80 on December 9, 2022. The relative strength index (RSI) of HFCL stock stands at 41.2, indicating that it is currently neither in the oversold nor overbought zone. Additionally, the stock has a beta of 1.3, suggesting high volatility in the past year.
HFCL’s positive trajectory can be attributed to the recent purchase orders received from Reliance Retail Limited. The company, along with its material subsidiary, HTL Limited, revealed that the orders were for the supply of optical fiber cables to one of the country’s leading private telecom operators.
The total value of the orders amounts to Rs 137.63 crore, and they are expected to be executed by December 2023. This development is anticipated to bolster HFCL’s position in the telecom infrastructure sector and potentially drive further growth in the company’s performance.
HFCL Limited is a prominent manufacturer of telecommunication equipment, including optical fiber cables and intelligent power systems. The company specializes in optical transport, power electronics, and broadband equipment for the telecommunication industry. Their expertise lies in providing comprehensive solutions for building wireless and optical telecommunication networks, such as optical transport networks (DWDM), rural GSM networks, broadband access networks, radio backhaul, fiber to the home, and in-building solutions.
With the current order from Reliance Retail, HFCL is set to strengthen its foothold in the telecom industry and potentially attract more investors. Market participants are keeping a close watch on the company’s performance, anticipating solid returns in the coming months. As HFCL continues to make strides in the telecom market, investors remain optimistic about the company’s future growth prospects.
