HFCL rose 3.12% to Rs 79.40 after the company said it has received approval as 'Trusted Source' from National Security Council Secretariat (NSCS).
National Security Council Secretariat (Trusted Telecom Cell) is a part of National Security Council which advises the Prime Minister's Office on matters of national security and strategic interest.With this approval, HFCL has become the 'Trusted Source' for all Indian Telecom Service Providers (TSPs) for sourcing their telecom active network products and infrastructure. It has become one of the few companies to have received the 'Trusted Sources' approval in the country.
The development has come following the government's efforts to ensure security of telecom networks, especially with fifth generation (5G) service on the anvil. To address the perineal problem of increase in cyberattacks, intelligence gathering, which comes, laced with the growth in data consumption, the Government of India announced the directives which mandated the Indian TSPs to connect their networks only on those new devices designated as 'Trusted Products' from 'Trusted Sources'. Trusted Products are products whose critical components and the products themselves are sourced from Trusted Sources.
HFCL's promoter & managing director, Mahendra Nahata said, "We are delighted to receive the approval as a 'trusted source' from NSCS and are fully committed to continue serving our TSP partners with our wide range of products and services. The development will lead to cement HFCL's position further in the Telecom sector thereby amplifying the growth opportunities for HFCL. Our inclusion in the select list as one of the trusted source is a distinguished achievement and reinforces our commitment to delivering Make in India world-class products/solutions and contribute to further accelerating our Hon'ble PM's vision of an Atmanirbhar Bharat with greater zeal."
On a consolidated basis, net profit of HFCL rose 61.2% to Rs 85.94 crore on 6.4% jump in net sales to Rs 1,122.05 crore in Q2 FY22 over Q2 FY21.
HFCL is a leading technology enterprise engaged in manufacturing of high-end Transmission and access equipment, optical fiber, optical fiber cables (OFC) and is specialized in setting up modern communication network for telecom service providers, railways and defence.
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