Shares of telecom equipment maker HFCL, formerly known as Himachal Futuristic Communications Limited, rallied as much as 20 per cent to hit Rs 87 for first time since 2002 on the back of heavy trading volumes. A total of 1.07 crore HFCL shares changed hands on the BSE compared with an average of 61.35 lakh shares traded daily in the past two weeks. On the National Stock Exchange over 12.39 crore HFC shares were traded on Monday, data from NSE showed.
Jump in HFCL share price came after the company informed exchanges that its board will meet next week on July 12 to consider and approve financial results for the first quarter of current financial year.
HFCL is involved in manufacturing optical fibre cables, optical transport, power electroniscs and broadband equipment for the telecommunication industry. The company has manufacturing units at Solan, Goa, and Chennai.
HFCL provides comprehensive solution for building of wireless and optical telecommunications networks rural GSM networks, Broadband access networks and Fiber to the home and in-building solutions.
Rally in HFCL shares has come on the back of surge in demand of broadband equipment as businesses shift to remote working amid Covid-19 pandemic, analysts said.
HFCL shares have so far this year rallied a whopping over 200 per cent from Rs 25.7 on December 31, 2020, data from BSE showed. The stock is among the top performers on the S&P BSE 500 index with a massive surge in stock price.