Tejas Networks share price rises 10% on signing MoU with BEL

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Tejas Networks share price rose 10 percent intraday on November 26 after company has signed a memorandum of understanding (MoU) with Bharat Electronics (BEL).

The MoU envisages strategic cooperation, covering the use of Tejas’ optical transmission, access and data-switching products for domestic and export markets by jointly capitalising on the emerging opportunities in defence communication, strategic communication, smart city, homeland security, metro and state network projects under the “Make-in-India” program.

The company has recently received purchase orders totalling over Rs 60 crore from BEL, towards supply and services of its optical and data networking equipment for various projects won by BEL.

“This partnership will enable us to offer our state-ofthe-art optical transmission, access and data-switching products for turnkey projects in India and internationally. It will also diversify our customer base across a wider set of networking applications and domains,” said Sanjay Nayak, Managing Director and CEO of Tejas Networks.

At 11:14 hrs Tejas Networks was quoting at Rs 103.45, up Rs 8.40, or 8.84 percent on the BSE.

Bharat Electronics was quoting at Rs 105.50, down Rs 1.20, or 1.12 percent.