Nelco stock snaps a 2-day losing streak, gains 8% on strong volumes
₹814 per share during today's trading session, amid a strong surge in volumes, marks the end of the stock's two-day decline. By 10:15 a.m., a total of 3.2 lakh shares were traded on both the NSE and BSE.
Following a prolonged decline from September 2022 to March 2023, during which the stock lost nearly 47% of its value, there was a sharp reversal in the subsequent month, leading to sustained upward momentum. Since reaching a low of ₹487 in March 2023, the stock has surged by 61.40% to date.
Also Read: India to become 3rd largest economy by 2027, market cap to hit $10 trn by 2030: Jefferies Nelco is focused on helping its enterprise & government customers unlock potential by offering solutions in the areas of VSAT connectivity, Satcom projects, and integrated security & surveillance solutions. Nelco Limited holds the VSAT license, the Internet Service Provider (ISP) licence, and the Inflight & Maritime Communication (IFMC) license issued by the Department of Telecommunication, Government of India (DOT), as its website shows.
Also Read: Tata Investment Corp shares extend gains for 7th day, touch new all-time high In the recent December quarter (Q3FY24), the company posted ₹6.15 crore in consolidated net profit, a 23% YoY improvement, while it posted revenue from operations of ₹83.24 crore, a 12.13% surge compared to ₹74.23 crore posted in the same period last year. Meanwhile, Tata Group stocks are currently witnessing a notable upswing, with several major companies showing robust performance alongside.
This strong performance has propelled the group's market capitalisation to nearly ₹30.3 lakh crore, as per recent media reports. Also Read: Space stocks jump up to 7% after government approves 100% FDI Recently, TCS, the
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