Shares of Tejas Networks Ltd. hit an all-time high on Wednesday after it partnered with FibreConnect S.p.A to deploy an end-to-end optical network in Italy.
FibreConnect is a wholesale telecom infrastructure developer based in Italy.
Tejas Networks Ltd. is the sole supplier of optical networking and broadband access products for FibreConnect. The complete network is being managed using TejNMS, the company's universal, multi-technology network management system, coupled with an advanced service orchestration solution, as per an exchange filing.
Shares of the company rose as much as 7.26% before paring gains to trade 2.46% higher at 10:55 a.m., compared to a 0.25% decline in the benchmark NSE Nifty 50.
The stock has risen 54.9% on a year-to-date basis. The total traded volume so far in the day stood at 5.4 times its 30-day average. The relative strength index was at 60.5. The lone analyst tracking the company maintains a 'buy' rating, according to Bloomberg data.
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