Tejas Networks gains on getting Rs 27.78 crore as incentives under PLI scheme
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Tejas Networks is currently trading at Rs. 747.00, up by 8.40 points or 1.14% from its previous closing of Rs. 738.60 on the BSE.
The scrip opened at Rs. 740.05 and has touched a high and low of Rs. 754.60 and Rs. 720.55 respectively. So far 42174 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 939.90 on 18-Oct-2023 and a 52 week low of Rs. 544.85 on 28-Feb-2023.
Last one week high and low of the scrip stood at Rs. 755.70 and Rs. 658.35 respectively. The current market cap of the company is Rs. 12714.17 crore.
The promoters holding in the company stood at 55.80%, while Institutions and Non-Institutions held 15.61% and 28.59% respectively.
Tejas Networks has received Rs 27.78 crore as incentives for the fiscal year 2022- 2023 under the PLI (Production-Linked Incentive) Scheme for Telecom and Networking Products. The said amount accounts for 85% of the total claim for FY23 and the balance 15% is expected to be released subsequently in accordance with the PLI Scheme Guidelines.
The company is eligible to receive design-linked PLI incentives for five years, starting with fiscal year 2022-2023, on meeting the minimum cumulative investment of Rs 750 crore committed during the scheme period. As per the scheme guidelines, the quantum of incentives in each year will be a proportion of the company’s incremental net sales of the approved products under the scheme generated in that year over the net eligible sales done in the baseline year (2019-2020).
Tejas Networks designs, develops and sells high-performance and cost-competitive networking products to telecommunications service providers, internet service providers, utilities, defence and government entities.
