Optiemus hits new high, slumps

Optiemus Ifracom is having a pretty volatile day’ from its close of Rs.565.85, the stock opened less than 1% higher at Rs.569.95 but soon surged to hit a new 52-week high at Rs.571.90; but profit booking at this level pulled down the stock into the red, down 2.5% to Rs.555 levels.

The initial euphoria in the stock was on its announcement of getting into telecom equipment manufacturing. The company, through its wholly owned subsidiary, Optiemus Electronics,  is working with Tejas Networks as a manufacturing partner for a wide array of telecom equipment products like 4G Base Band Units / Remote Radio Head / ONT / ONU / Broadband Switches & Routers from its state-of-the-art Noida manufacturing facility.

Tejas Networks is a part of the Tata Group, with Panatone Finvest Ltd. (a subsidiary of Tata Sons Pvt. Ltd.) being the majority shareholder.

Prior to this, last month, another of its subsidiary, Optiemus Unmanned Systems, announced the launch of a range of drones for agriculture and mapping purposes.