Tejas Networks surges by 4 per cent on day 2

Shares of Tejas Network ballooned by 4 percent on the second day of the trade on Bombay stock Exchange after reviewing the exchange data, which showed that institutional investors acquired stake in the company through open market transaction.

Amansa Holdings had purchased 1.35 million shares at price of Rs 260.56 per share, while Abu Dhabi Investment bought 530,000 shares at price of Rs 265.12 per share in a bulk deal on Tuesday as per the data available with NSE.

Bengaluru-based Tejas Networks plans to use the proceeds for raising working capital, capex and for general purposes.

With a market share of 15 percent, Tejas Networks is the second-largest optical networking products company in India. Its revenue grew to Rs 878 crore in FY2016 from Rs 369 crore in FY2013, clocking a four-year compounded annual growth rate of 24.2 percent.

Driven by bulk deal, shares of the company gained as much as 3.98 per cent to hit intra-day high of Rs 273.80 per share on the Bombay Stock Exchange.

The scrip was currently trading at Rs 268.90 against previous close price of Rs 263.30.

In a similar fashion, stocks were trading 2.43 percent higher at Rs 269.90 per share on the National Stock Exchange