Avantel stock climbs 19% to hit new all-time high as investors cheer influx of orders
Avantel, a telecom product manufacturing company, witnessed a 19% spike in its shares during today's intraday trade, reaching a new record high of Rs. 168 apiece.
The shares began their upward journey on May 30 after the company secured an order worth Rs. 109.76 crore from the Ministry of Defence, Government of India, for the supply of SATCOM equipment.
This marks Avantel's third order in a month, following a ₹5 crore order from Mazagon Dock Shipbuilders and a ₹2.29 crore order from Bharat Electronics, both received in May.Also Read: This smallcap defence stock is up 2800% in 5 yearsInvestors have responded positively to the steady influx of orders, driving a 44% increase in the company's stock price so far this year. This momentum builds on a remarkable 340% rally in CY23 and a 113% gain in CY22.
Over the past five years, Avantel's stock has soared from ₹4.22 to its current level of ₹165, reflecting an impressive 3800% increase.The company specialises in designing, developing, and maintaining wireless and satellite communication products, defence electronics, radar systems, and network management software applications primarily for the aerospace and defence sectors. Since the early 2000s, the company has strategically repositioned itself to focus on providing system-based solutions across four key verticals: satellite communications, HF communications, electronic warfare, and radar systems.Also Read: 5 small-cap stocks including RattanIndia, Lloyds Engineering gave returns up to 12000% in last 5 years; check full listIn FY23–24, the company reached noteworthy milestones with a record turnover of ₹22,391.75 lakh, the highest in its history.
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