Small Cap Tata Stock Tanks 7% Even As Revenue Surged 100% In Q3
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

Shares of Tejas Networks were tanking on Saturday going down close to 7% to hit an intraday low of ₹802.85.

What Happened: Shares of the Tata Group company are trailing today as investors seem unimpressed by the company’s December quarter results. Tejas Networks reported a revenue of ₹559.96 crore, reflecting a significant increase of 103.95% compared to ₹274.55 crore in the corresponding period.

See Also: Reliance Shares Volatile After Q3, But Brokerages Still Bullish

However, the EBITDA (earnings before interest, taxes, depreciation, and amortization) showed a loss of Rs 7.51 crore, as opposed to a profit of Rs 8.01 crore in the same quarter last year. The net loss stood at ₹44.87 crore, indicating an increase from the loss of ₹15.15 crore in the previous period.

The company attributed the growth in losses to continued investments in scaling up R&D teams and operations to accelerate product development for driving growth and executing large projects. The company’s order book stood at ₹9,028 crore at the end of the December quarter.

Price Action: Tejas Network’s share price was down 5% to trade at ₹818.75 on Saturday.

Read Next: Tata Steel’s Shares Fall On Big Revamp In UK Ops

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
EarningsEquitiesNewsMarketsMoversTrading IdeasTata GroupTejas Networks