Shares of Tejas Networks that were trailing in the red on Friday bumped up sharply after bagging a government order.
What Happened: Saankhya Labs, a subsidiary of Tejas Networks announced the receipt of a Provisional Purchase Order valued at ₹96.42 Crores (excluding GST) from NSIL (NewSpace India Limited). NSIL is a wholly-owned Government of India undertaking and a Central Public Sector Enterprise (CPSE) under the administrative control of the Department of Space.
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The order pertains to the supply, installation, and commissioning of two-way MSS Terminals (Xponders) designed for vessel communication and support systems in marine fishing vessels. Under the terms of this contract, Saankhya Labs will collaborate with NSIL, ISRO, and the Department of Fisheries to deploy its domestically designed and developed satellite terminals, known as Xponders, on motorized and mechanized fishing vessels.
This deployment aims to establish a robust network that enhances vessel communication and support systems. The initiative is designed to improve the safety and security of fishermen and address sea-borne threats from a national security perspective.
The Xponders deployed in this project offer additional functionalities, including navigational assistance, automatic boundary-crossing alarms, and emergency weather alerts for fishermen.
Price Action: Tejas Network’s share price was up 1.04% to trade at ₹840.30 on Friday afternoon.
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