HFCL Share Price Soars to 52-Week High at ₹113.25, New Order Boosts Stock
On Tuesday, shares of HFCL were trading at a high of ₹113.25 during the trading session. However, a slight profit recovery was seen in the stock yesterday. The main reason for the bullish trend in the company’s shares on Tuesday was due to a new order received by the company.
HFCL stock was trading at ₹110.35, down by 0.45% on Wednesday, February 21, 2024. Recently, Bharat Sanchar Nigam Limited awarded HFCL a ₹179 crore order for the supply of 4G and 5G network equipment. In the December quarter of the financial year 2022-23, HFCL’s order book size was ₹7,064 crore, which rose to ₹7,678 crore by the end of the quarter.
The company received an order worth ₹623 crore for 5G telecom networking equipment. On Thursday, February 22, 2024, the share price increased by 0.89% to ₹113.
According to analysts at Angel One brokerage firm, HFCL’s share could touch ₹120 in the coming days. On the technical front, HFCL stock is showing signs of strong growth. Investment advisors have recommended placing stop-loss at ₹104 and holding the stock at a target price of ₹140-150.
In the December 2023 quarter, HFCL registered a decline in net profit to ₹82.43 crore, down by 18.88% compared to the same quarter last year. The company had reported a post-tax profit of ₹101.62 crore in the corresponding quarter of the previous financial year.
In the December 2023 quarter, HFCL earned revenue of ₹1,032.31 crore, which is 4.93% lower than the same quarter last year when the revenue was ₹1,085.84 crore. HFCL is also a part of Mukesh Ambani’s Reliance Group.
As per the IPO draft red herring prospectus of Exicom Tele-Systems Ltd., HFCL Limited holds a 8.19% share capital in the company. Vinson Brothers, NextWave Communications, and Anant Nahata are among the promoters of HFCL and Exicom Tele-Systems. The IPO of Exicom Telecom Systems will be launched at the end of this month.
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