HFCL Shares Surge 8.52% to ₹96.10 on Major 5G Order Win

HFCL Shares Surge 8.52% to ₹96.10 on Major 5G Order Win

VoM News Desk | January 20, 2024 | 11:46 AM IST | Breaking News | Tags: #StockMarket | Follow on Google News

HFCL Shares Surge 8.52% to ₹96.10 on Major 5G Order Win /Pixabay

HFCL Shares Surge 8.52% to ₹96.10 on Major 5G Order Win

In an early trade today, Himachal Futuristic Communications Limited (HFCL), known for its diverse operations in telecom infrastructure, experienced an 8.52% surge in its shares, reaching a new 52-week high of ₹96.10 per share. This significant increase follows the company’s announcement of securing a substantial order for the supply of indigenously manufactured Telecom Networking Equipment for a leading domestic telecom service provider’s 5G network.

Landmark Order Marks a Milestone in Indian Telecom Industry

HFCL revealed on Friday that it clinched a noteworthy order valued at ₹623 crore, making it the first large order for 5G networking equipment awarded to an Indian company by a telecom service provider. The company expressed pride in contributing to the global surge in 5G technology demand, projected to witness an impressive CAGR of 48.3%, according to a recent report from Future Market Insights.

Strategic Vision and Innovation Propel HFCL’s Success

Mahendra Nahata, the Managing Director of HFCL, emphasized the strategic significance of this order win, stating that it aligns with India’s leading role in 5G rollout and technological evolution. He highlighted HFCL’s commitment to innovation and progress, citing the company’s shift from projects to margin-accretive products, the launch of new products, and outreach to new customers and geographies as key elements contributing to its success. With the stock trading at ₹95.60 apiece at 10:00 am, HFCL is poised for further growth in 2024.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.