Nelco up in the green

Nelco Ltd is up in the green today. The stock price rose almost 7% to Rs.311.50. Its 52-week high is at Rs.372.05.

The market is happy with the news that Speedcast International a trusted provider of remote communication and IT solutions, has signed a partnership agreement with India’s fastest growing VSAT service provider Nelco Limited, a Tata Enterprise.

This agreement will offer seamless global communications while at sea in Indian waters. This is the first partnership of its kind where vessels of either company will be able to connect to the Ku-band networks of both companies seamlessly in and out of Indian waters.

In this partnership, Nelco will also extend to its customers Speedcast’s industry-leading products and services, which include cybersecurity, crew welfare, content solutions, and data and voice applications.

Until today, when vessels entered Indian territory, they were required to shut down their VSAT connection. Under the new partnership agreement, customers of either company can roam into each other’s respective territories of coverage and maintain uninterrupted communications while at sea.

Nelco is to declare its Q4FY19 and FY19 performance on 27th April.