Shares of Nelco India surged up close to 8% to hit an intraday high of ₹814 on Thursday morning.
What Happened: The massive surge today comes as the Union Cabinet authorised a 100% Foreign Direct Investment in the space sector during a meeting on Wednesday.
Founded in 1940, Nelco, a part of the Tata Group has established itself as a leading provider of cutting-edge solutions to both enterprise and government clients specializing in VSAT connectivity, Satcom Projects, and Integrated Security & Surveillance Solutions.
See Also: Paytm Shares Halt Upward March As Brokerage Cuts Target Price
Nelco holds key licenses, including the VSAT License, Internet Service Provider (ISP) License, and Inflight & Maritime Communication (IFMC) license issued by the Department of Telecommunication, Government of India (DOT).
The company is expected to benefit from the policy change. The announcement also helped the stock break its two-straight day losing streak.
Price Action: Nelco share price was up 5.01% to trade at 793.70 in early trade on Thursday.
Read Next: Small Cap Stock Rockets 20% After Announcing Meeting To Consider Bonus Shares
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.