ejas Networks shares surged more than 8% in early trade on Friday after the telecom equipment maker disclosed that it had received a Letter of Intent (LoI) worth Rs 1,537 crore from Tata Consultancy Services (TCS) for BSNL's 4G mobile network.
The stock rose as much as 9.51% to Rs 559.75, from the previous close of Rs 511.15, before paring some gains. The sharp move came after Tejas Networks informed exchanges that TCS had issued the LoI on August 27.
According to the company's exchange filing, the LoI covers the supply of RAN equipment, accessories and installation materials for BSNL's 4G mobile network across 18,685 sites. The order is valued at Rs 1,537 crore.
The company has clarified that the detailed purchase order is yet to be issued by TCS and will follow in due course.
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