Nelco freezes at 5% upper circuit on strategic pact with Omnispace

Shares of Nelco were locked in the 5 per cent upper circuit band at Rs 678.60 on the BSE on Thursday after the Tata Group company and Omnispace announced a strategic cooperation agreement to enable and distribute 5G non-terrestrial network (NTN), direct-to-device satellite services.

"The collaborative effort will expand the reach of 5G using satellite communication throughout India and South Asia. This agreement with Omnispace allows Nelco to expand its services by including 5G satellite direct-to-device connectivity solutions to its portfolio of satcom services for serving existing and new customers across South Asia, using the world’s first global 5G