Shares of telecom equipment maker HFCL gained over 6 per cent today as the board of the company approved raising of up to Rs 650 crore which would be invested in enhancing R&D facilities, setting up new production facilities to raise capacity under the production linked incentive (PLI) scheme and design linked incentive (DLI) scheme. HFCL stock touched an intraday high of Rs 81.20, rising 6.35 per cent intraday against the previous close of Rs 76.35 on BSE. HFCL stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
It has gained 14.74 per cent in a year and risen 0.32 per cent in 2022. Total 13.06 lakh shares of HFCL changed hands amounting to a turnover of Rs 10.33 crore on BSE. The market cap of the firm rose to Rs 10,870 crore.
HFCL stock hit a 52-week high of Rs 101.35 on January 17, 2022 and a 52-week low of Rs 51.55 on June 20, 2022.
“Raising of funds up to Rs 650 crore by way of private placement or preferential issue or public issue or rights issue or qualified institutions placement or through any other permissible mode and/or combination thereof, including by way of issue of equity shares/ preference shares/ bonds/ debentures/ non-convertible debt instruments/ any other securities, subject to approval of the shareholders in the ensuing annual general meeting and other regulatory/ governmental authorities, as may be required,” the firm said in a communication to BSE.
ALSO READ: Share Market Live Updates: Sensex jumps over 350 points in early deals, Nifty trades near 17,650
The firm said 5G network rollouts, increasing adoption of FTTH services and emphasis on rural broadband penetration will result in huge increase in capex by telcos worldwide. This emerging global scenario has resulted in massive opportunity for telecom vendors.
In another update, the 35th Annual General Meeting (‘e-AGM’) of the members of the Company is scheduled to be held on Friday, the 30th day of September, 2022 at 11:00 AM (1ST) through Video Conferencing/ Other Audio Visual Means Facility.
HFCL Limited is an India-based company that is primarily engaged in manufacturing of telecommunication equipment, optical fiber cables and intelligent power systems. The company is a manufacturer of optical fiber cables, optical transport, power electronics and broadband equipment for the telecommunication industry.
ALSO READ: Wipro, HFCL tie up to develop 5G product portfolio
