TCS-led consortium receives over Rs 15,000 crore order from BSNL; stock up nearly 1%

Stock markets today: Last month, ZEE Business had reported that the TCS-Tejas Networks and BSNL deal may soon get approval from the Group of Ministers (GoM).

TCS gains nearly 1 per cent. Representative image. Source: Unsplash

Shares of Tata Consultancy Services (TCS) gained nearly a per cent to Rs 3,246.80 apiece on the BSE in the early morning trade as the company-led consortium received over Rs 15,000 crore order from BSNL.

In a regulatory filing, the company said, "The consortium led by Tata Consultancy Services Limited has received an Advance Purchase Order valued over Rs 15,000 crore from BSNL, a 100% Govt. of India-owned Public Sector Undertaking, for the deployment of a 4G network across India."

Last month, ZEE Business had reported that the TCS-Tejas Networks and BSNL deal may soon get approval from the Group of Ministers (GoM). "A mega order worth Rs 25,000 crore is expected to be placed within two months," Zee Business' Executive Editor Swati Khandelwal, had reported.

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The report added, "Tejas Networks, which is also owned by Tata Group, and TCS will get a mega order for equipment manufacturing of 4G. BSNL has already deployed tech on this and it plans to set up 4G networks at one lakh sites in the first phase of the project, the report further adds. In sum, BSNL needs to roll out 4G and it is outsourcing the work to TCS and Tejas Networks." Anil Singhvi, the managing editor of Zee Business had said that the BSNL deal is positive for both TCS and Tejas Networks. It must be noted that Tata Sons subsidiary Panatone Finvest Limited in the year 2021 signed a definitive agreement to pick a 43.3 per cent stake in Tejas Networks for about Rs 1,850 crore.

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At the time of writing this news, the stock was trading at Rs 3,246.15 on the BSE, up 0.76 per cent. In comparison, the S&P BSE Sensex was ruling at 61,983.99, up 254 points, or 0.41 per cent.

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