Tejas Networks surges 10% on strategic pact with Bharat Electronics

Shares of Tejas Networks were locked in upper circuit of 10 per cent at Rs 105 on the BSE on Tuesday after the company announced that it has signed a Memorandum of Understanding (MoU) with the state-owned defence solution provider Bharat Electronics (BEL).

The trading volumes on the counter doubled with a combined 1.4 million equity shares changing hands on the NSE and BSE till 11:48 am. There were pending buy orders for around 50,000 shares on both the exchanges, data shows.

The stock of Tejas Networks has recovered 62 per cent from its all-time low level of Rs 65 touched on November 15, 2019.