Tejas Networks at 5% UC

Tejas Network seems to have suddenly developed a huge following of traders. For the past three consecutive days, the stock has been hitting the 5% UC; yesterday it was locked at Rs.51.80 and today, within minutes of opening, it hit the roof at Rs.54.35. Over 73k pending buys remained on the counter.

Investor and trader Vijay Kedia’s company, Kedia Securities bought a 0.81% stake in the company for Rs.3.7 crore through open market transactions.

The shares were bought at Rs.49.13/share on the NSE.

The company designs, develops and sells high-performance and cost-competitive products to telecommunications service providers, internet service providers, utilities, defence and government entities in over 75+ countries.

This is a 100% publicly owned company with no promoter holding. FIIs have a 22.52% stake and non-institutional holding is at 58.51%. It’s a zero-debt company.