Nelco rose 2.45% to Rs 270.20 at 12:13 IST on BSE after the company announced securing In-Flight & Maritime Connectivity licence from Department of Telecommunications.
The announcement was made after market hours yesterday, 6 March 2019.Meanwhile, the S&P BSE Sensex was up 29.46 points, or 0.08% to 36,665.56
On the BSE, 12,000 shares were traded in the counter so far compared with average daily volumes of 31,000 shares in the past two weeks. The stock had hit a high of Rs 274 and low of Rs 268.25 so far during the day.
Tatanet Services (TNSL), a wholly owned subsidiary of Nelco and India's fastest growing Satellite Communication service provider, has recently obtained the Authorisation (license) from Department of Telecommunications (DoT), Govt. of India for providing in-flight & maritime connectivity (IFMC) services. This Authorisation has been granted under the flight & maritime connectivity rules 2018, announced by the Central Government.
Data and voice communication services are very widely available in India due to advancement in cellular and fiber infrastructure across the country. Now the IFMC license will make it possible to have uninterrupted access to Voice, Data & Video services while also traveling on aircrafts, sailing vessels, cruise liners etc. in India, using satellite technology.
This license besides enabling connectivity solutions to the individual users on-board the aircraft and ships, also brings in newer possibilities of real-time communication of on-board systems and brings operational efficiencies to improve business productivity for the airlines and shipping companies, which were not so evolved until now.
On a consolidated basis, net profit of Nelco rose 16.62% to Rs 4 crore on 21.59% rise in net sales to Rs 45.28 crore in Q3 December 2018 over Q3 December 2017.
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Nelco is focused in providing VSAT services to the enterprise market through its wholly owned subsidiary Tatanet Services, for wide ranging segments like Banking, Renewable Energy, Telemedicine, Education, Oil & Gas exploration to name a few.
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