Share of HFCL Limited escalated 20 per cent to hit a fresh 52-week high of Rs 87 in the intra-day trading session on the back of heavy volumes.
It opened 2 per cent higher at Rs 73.95 against the previous close of Rs 72.50 on BSE. However, the stock continued its strong upside momentum and the market cap of the firm rose to Rs 11,174.08 crore.
As per the share price history, HFCL share closed at Rs 46.25 on June 4, 2021. It hit an intraday high of Rs 87 in the intraday session today. In a month, the stock has delivered 88 per cent return.
The share stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200 day moving averages. The stock has gained 467 per cent in the last 12 months and risen 238 per cent since the beginning of this year.
An investment of Rs 5 lakh in the stock a year ago would have grown to Rs 29 lakh today.
Recently, the company announced that it will set up a 2nd PM-WANI-powered connectivity in collaboration with Telecom Infra Project (TIP) for Baidebettu village in Karnataka. This PM-WANI network will provide high-speed Wi-Fi Internet to over 9,000 residents of the otherwise poorly connected village located in Brahmavara Taluk, Udupi district.
The network will offer Wi-Fi Internet with a bandwidth of up to 500 Mbps in all common areas of the village that is spread across a radius of 6 kilometers.
With this deployment, the entire village of 9,000 population will come under the broadband fold, which is expected to significantly improve their quality of life by providing them access to digital services such as healthcare, education, banking, retail, entertainment, government digital services, and many more.
HFCL’s Promoter & Managing Director, Mr. Mahendra Nahata said, “We at HFCL are committed to transforming #InternetForAll into a ubiquitous reality and have successfully collaborated with leading core solution providers to strengthen the connectivity ecosystem. After the great success of our first model PM-WANI village in North India, where we deployed our robust, scalable, interoperable, and TIP OpenWiFi based Access Points to provide broadband access, we are now replicating the model in a remote village in Southern India.”
“With this initiative, we believe students in the village will no longer need to travel to get connected and this would pave the way for every villager to stay connected and explore infinite possibilities to grow in all areas of life. This further demonstrates our faith in PM-WANI scheme as a significant enabler in connecting the remotest parts of the country,” he added.
The company reported a net profit of Rs 84.67 crore in Q4. Profit in the year-ago period stood at Rs 5.78 crore. Net sales grew 109.8 per cent to Rs 1391.40 crore for the quarter ended March 2021 compared to Rs 663.19 crore in the year-ago period.
The company informed that it has established a new 5G business unit to develop a portfolio of next-generation 5G compatible products and services. It has also launched and delivered 1.5 lakh units’ shipments of Wi-Fi products within the first year of commencement of production.
HFCL also announced the launch of its Telecom Infra Project (TIP) Open WIFI compliant Access Points. TIP is a global community of companies and organisations that are driving infrastructure solutions to advance global connectivity.
“Our vision to connect the unconnected has further been strengthened with TIP Open WIFI compliance for our IO Indoor and Outdoor Access Points. It will enable us to extend our reach globally and offer open-source powered Wi-Fi solutions interoperable with other TIP compliant provider products thereby helping faster, cost-effective, and plug and play deployments”, Nahata said.
HFCL Limited (formerly Himachal Futuristic Communications Limited) is a technology enterprise engaged in manufacturing high-end Transmission and Access Equipment, Optical Fiber, Optical Fiber Cables (OFC). It is specialised in setting up a modern communication network for Telecom Service Providers, Railways, Defence, Smart City, and Surveillance projects.