Tejas Network hits a new high

Tejas Network rose 11% today to hit  a new high at Rs.472.20, with very good volumes too.

The market is celebrating its announcement of order completion and deployment of over 40,000 GPON equipment for BharatNet Phase-I Project, which is the Govt’s project to bring high-speed broadband connectivity to 250,000 gram panchayats in the country.

Gigabit Passive Optical Network (GPON) is the highest speed, longest life, lowest cost network infrastructure of fiber optical cable used for Internet, voice over Internet protocol (VoIP) and other services like Wi-Fi hotspots.

Bengaluru based Tejas Networks supplies optical and data networking products to telcos, internet service providers, utility and defence companies in over 60 countries.

Interestingly, there is no identifiable promoter in the company and 100% is held by ‘public’ category shareholders.  And these ‘public’ shareholders include Cascade Capital Management (Narayan Muthy’s brother-in-law Gururaj Deshpande), Intel Capital amongst many more. FII holding is at 20.02%. The director and his relatives, and Sanjay Nayak together hold 5.42%.