E-Paper
HFCL shares zoom nearly 20 per cent
HFCL shares have gained 86 per cent compared to a 1.4 per cent rise in the S&P BSE Sensex in the last one month.
Shares of HFCL soared in Monday's trade as they surged nearly 20 per cent on the BSE in intra-day session on the back of heavy volumes and after the telecom solution provider set up a second open wifi-powered village in Karnataka ahead of its board meeting, according to reports. On BSE, HFCL was trading at ₹87.00 up ₹14.50 or 20 per cent and ₹87.10 up ₹14.50 or 19.97% on NSE at 1:57pm.
HFCL said it has started a second ‘PM-WANI Village’ network in Karnataka's Baidebattu and will provide wi-fi-based internet access to nearly 9000 residents of the otherwise poorly connected village. HFCL board of directors is scheduled to meet on July 12 to consider and approve the un-audited financial results of the company for the first quarter ended June 30, 2021, of the financial year 2021-22 (Q1FY22).
HFCL shares have gained 86 per cent compared to a 1.4 per cent rise in the S&P BSE Sensex in the last one month. The scrip was trading at its highest level since February 2002. HFCL's market capitalisation of HFCL has gone past the ₹10,000 crore mark amid a sharp rally in the stock price. HFCL's market capitalisation stood at ₹10,969 crore on the BSE, according to exchange data.
HFCL is a leading technology enterprise and is engaged in manufacturing high-end transmission and access equipment, optical fibre, optical fibre cables (OFC). It also specialises in setting up modern communication networks for telecom service providers, railways, defence, smart city and surveillance projects.
HFCL is one of the largest telecom project service providers for Reliance Jio and is currently engaged in rolling out of 4G OFC network services across north India. HFCL also supplies fibre optic cables in Maharashtra, Telangana and Chhattisgarh under Bharat Net projects and deploys networks in Punjab and Jharkhand.
HFCL reported an eight-fold jump in its consolidated profit after tax (PAT) at ₹86.50 crore for the January-March quarter of last fiscal (Q4FY21) as compared to that of ₹8.7 crore in Q4FY20. HFCL's PAT grew 1.6 per cent from ₹85.1 crore in Q3FY21 on a sequential basis. Earnings before interest, taxes, depreciation, and amortisation or Ebitda margin improved 200 basis points (bps) to 13.5 per cent in Q4FY21 from 11.5 per cent in Q4FY20.
