HFCL (Himachal Futuristic Communications Limited), a company with diverse operations in telecom infrastructure, saw its shares jump 8.52% in today's early trade, touching a new 52-week high of ₹96.10 apiece following the company's announcement of a strong order win.
On Friday, the company said it secured an order worth ₹623 crore for the supply of indigenously manufactured Telecom Networking Equipment for the 5G network of one of the domestic telecom service provider.
"This is the first such large order for 5G networking equipment placed on any Indian company by any telecom service provider. This strategic win is a testament to HFCL’s vision of designing and manufacturing high-technology telecom equipment in India," the company said in an exchange filing.
This was the company's second order win this month. Earlier, on January 01, the company secured a significant order valued at ₹1,127 crore from Bharat Sanchar Nigam Limited (BSNL).
HFCL is a leading technology company specialising in creating digital networks for telcos, enterprises, and governments. It has developed capabilities to provide premium-quality optical fiber and optical fiber cables, state-of-the-art telecom products, including 5G Radio Access Network (RAN) products, 5G transport products, WiFi systems (WiFi 6, WiFi 7), unlicensed band radios, switches, routers, and software-defined radios.
As India emerges as one of the fastest nations to roll out the 5G network, 5G technology has already become a global phenomenon. As per industry estimates, the global 5G last-mile equipment market is projected to reach USD 68 billion by 2030.
This transformation is set to play a significant role in the global surge in 5G technology demand, projected to witness a remarkable CAGR of 48.3%, as per a recent report from Future Market Insights.
Commenting on the order win, Mr Mahendra Nahata, Managing Director of HFCL, said, “With India being at the forefront of 5G rollout and technological evolution, HFCL remains steadfast on the path of innovation and progress. Our recent order wins are clearly a testament that our strategy of moving from projects to margin-accretive products, launching new products, and reaching out to new customers and new geographies is paying off well and will bolster our position even further in 2024.
At 10:00 am, the stock was trading with a gain of 8% at ₹95.60 apiece.
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