Shares of Himachal Futuristic Communications surged in early trade after the company bagged a purchase order worth Rs 2467 crore from Bharat Sanchar Nigam.
The Himachal Futuristic Communications (HFCL) scrip is currently trading higher by 5.84% at Rs 19.95. On the BSE, 1.94 lakh shares were traded in the counter so far. The stock gyrated in range of Rs 20.45 and Rs 19.9 so far during the day.
Meanwhile, the S&P BSE Sensex was up 46 points or 0.12% to 37448.83.
HFCL said the order is from Bharat Sanchar Nigam (BSNL) for Defence Communication Network (Project funded by Department of Telecom, Government of India) towards converged nationwide IP /MPLS backbone with 219 X access networks and integrated IMS based communication solution on turnkey basis for defense forces under network for spectrum (NFS) programme of Government of India. This announcement was made by the company after market hours yesterday, 19 August 2019.
The scope of work also includes operation and maintenance (O&M) for a period of ten years including three year warranty period for which approximately Rs 862 crore will be paid by the Indian Defense Services, after the warranty period is over. The project shall be completed within 18 months from the date of issue of purchase order, i.e. 19 August 2019.
HFCL is a telecom infrastructure developer, system integrator and manufacturer of high-end telecom equipment and optical fibre cables, having its manufacturing facilities at Solan, Goa and Chennai.
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