Shares of Tejas Networks, climbed to over 18% on Monday after the company reported its second-quarter results last week. The stock hit an intraday high of ₹1,425.20 — close to its all-time high of ₹1,495.

What Happened: The Tata Group firm posted a net profit of 275.18 crore, representing a multifold recovery from a ₹12.64 crore loss in the corresponding quarter a year ago. Last quarter, the company reported a profit of ₹77.48 crore.

The firm’s operational revenue stood at ₹2,811.26 crore, which was an over 600% jump from the ₹396 crore revenue posted in the year-ago period.

For the six months ended in September, the company reported a revenue of ₹4,374 crore and a net profit of ₹352.66 crore.

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In late September the company was removed from the long-term Additional Surveillance Measure (ASM) framework stage 1. A stock is placed under the ASM framework by the stock exchange due to various factors, including significant price fluctuations, client concentration, frequent price band hits, close-to-close price variations, and its price-earnings ratio. These criteria help exchanges identify stocks that may exhibit unusual price movements or increased volatility. The stock was put under the framework in June this year.

Earlier this year the company’s managing director Anand Athreya, said the company was exploring avenues for growth through partnerships or acquisitions.

Tejas Networks is seeking to position itself as a reliable alternative for governments and telecom operators, both in India and globally, looking for options beyond Chinese vendors such as Huawei and ZTE. The company also aims to diversify away from the duopoly of Ericsson and Nokia, Athreya said.

Price Action: Tejas Network’s shares were up 12.82% to ₹1,339.95 on Monday morning.

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