Shares of HFCL Ltd. rose over 8% to over two-year high after the company bagged an order worth Rs 623 crore from a telecom service provider.
The Delhi-based company will provide equipment for 5G network to a domestic telecom service provider by December 2024, an exchange filing on Friday said. HFCL didn't reveal the name of the company from which it received the supply order.
HFCL Ltd. shares rose as much as 8.5% intraday, the highest since Jan. 17, 2022. They pared gains to trade 7.28% higher at 10:16 a.m., compared to a 0.16% advance in the NSE Nifty 50.
The stock has risen 32.87% in 12 months. Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 69.44.
The one analyst tracking the company maintains 'buy' on the company, according to Bloomberg data.
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