In a day when markets have plummeted, with Nifty falling more than 2%, Tejas Networks has appeared as a key outlier, with the stock trading with sharp gains in trade on Wednesday.
Shares of Tejas Networks are currently trading at Rs 522.8, which accounts for gains of up to 8% compared to the last closing price of Rs 484.7. This current rally is a continuation of a positive trend seen in Tejas Networks, which, prior to Wednesday's trade, had gone up 50% in just four sessions.
The positive momentum in Tejas Networks comes on the back of an earlier agreement with NEC Corporation of Japan to manufacture and supply 5G and MIMO radios. This serves to boost the company's global 5G expansion and order book visibility.
The stock has also witnessed high volumes, with over 2 crore shares changing hands just 20 minutes after market open on Wednesday, compared to its 30-day average of 1.41 crore.
Although the scrip has fallen 28% in the last 12-months, the recent rally means that Tejas Networks trades with a relative strength index of 80, which suggests the stock is already in an overbought territory.
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