Tejas Networks [BSE: 540595, NSE: TEJASNET] has signed a Memorandum of Understanding (MoU) with Bharat Electronics Limited (BSE: 500049, NSE: BEL), India's premier defence solution provider. The MoU envisages strategic cooperation, covering the use of Tejas' optical transmission, access and data-switching products for domestic & export markets by jointly capitalising on the emerging opportunities in defence communication, strategic communication, smart city, homeland security, metro and state network projects under the "Make-in-India" program.
Tejas Networks has recently received purchase orders totalling over INR 60 crores from BEL, towards supply and services of its optical and data networking equipment for various projects won by BEL, which includes the Kerala Fibre Optic Network, defence communication networks and smart city projects.
Mrs. Anandi Ramalingam, Director (Marketing) at Bharat Electronics Limited said, "Communication technology is becoming a critical part of defence systems and having an indigenous eco-system is important to address our long-term strategic needs. We are pleased to partner with Tejas Networks, India's leading R&D-driven telecom products company in the private sector, and combine our complementary strengths to address emerging opportunities in the defence, strategic and civilian sector. BEL has proven capabilities in delivering projects that require complex electronic system design, engineering and production, while Tejas is strong in R&D-led, high-technology product development for optical and data communication. Working together, we expect to create a strong indigenous R&D-driven eco-system, which will reduce our dependence on foreign technology and boost high-value, indigenous electronics manufacturing within the country, in line with the Make in India program."
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks added, "We are excited to enter into a strategic partnership with BEL, India's flagship defence electronics company with an outstanding track record of execution and deep understanding of complex defence systems as well as strategic and civilian projects. This partnership will enable us to offer our state-ofthe-art optical transmission, access and data-switching products for turnkey projects in India and internationally. It will also diversify our customer base across a wider set of networking applications and domains."
Shares of Tejas Networks Ltd was last trading in BSE at Rs.94.9 as compared to the previous close of Rs. 93.85. The total number of shares traded during the day was 45155 in over 2103 trades.
The stock hit an intraday high of Rs. 98.35 and intraday low of 93. The net turnover during the day was Rs. 4298354.