Himachal Futuristic Communications was locked at 5% upper circuit at Rs 31.80 at 9:40 IST on BSE after the company announced bagging an order worth around Rs 1248 crore from Bharat Sanchar Nigam, New Delhi for defence communication network.
The announcement was made after market hours yesterday, 6 November 2017.Meanwhile, the S&P BSE Sensex was up 81.35 points or 0.24% at 33,812.54. The S&P BSE Mid-Cap index was up 26.51 points or 0.16% at 16,816.30, underperforming the Sensex.
On the BSE, 23.44 lakh shares were traded in the counter so far as against average daily volume of 37.9 lakh shares in the past one quarter. The stock was locked at a high of Rs 31.80 so far during the day. The stock had hit a low of Rs 31.35 so far during the day. The stock had hit a 52-week high of Rs 35.95 on 18 September 2017. The stock had hit a 52-week low of Rs 11.09 on 22 November 2016.
The stock had outperformed the market over the past one month till 6 November 2017, gaining 14.56% compared with 6.03% gains in the Sensex. The scrip had also outperformed the market in the past one quarter, jumping 79.29% as against Sensex's 4.35% rise. The scrip had also outperformed the market in the past one year, surging 111.3% as against Sensex's 23.67% rise.
The mid-cap company has an equity capital of Rs 123.94 crore. Face value per share is Re 1.
The scope of the work includes installation of dense wavelength division multiplexing (DWDM) equipments on pan India basis for the defence forces under network for spectrum programme. The order value for material and services is around Rs 935 crore and around Rs 313 crore for annual maintenance contract.
The turnkey project has to be commissioned within fifteen months. Thereafter, company has to provide warranty support for three years and annual maintenance services for seven years after warranty.
The company will announce its Q2 results today, 7 November 2017. Himachal Futuristic Communications' net profit dropped 44.5% to Rs 25.63 crore on 65.9% rise in net sales to Rs 836.01 crore in Q1 June 2017 over Q1 June 2016.
Himachal Futuristic Communications is a leading telecom infrastructure developer, system integrator and manufacturer of high-end telecom equipment and optical fibre cables.
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