Videocon shares rise 5% as telecom arm enters security segment
New Delhi: Shares of Videocon Industries Ltd jumped 5% on the bourses on Tuesday, as its telecom arm ventured into Internet-based security and surveillance segment.
On the BSE, the shares of Videocon Industries surged 4.82% and settled for the day at Rs22.85. The scrip closed at Rs23.25 on the National Stock Exchange (NSE), up 4.97% from the previous close. The shares breached the upper circuit limit on both the bourses.
Following an uptick in the counter, the market capitalisation of the firm rose to Rs764.24 crore.
On the volume front, while 12,000 shares of the firm changed hands on the BSE, 1.13 lakh were traded on the NSE.
Videocon Telecom on Tuesday unveiled analog and Internet protocol based closed-circuit television (CCTV) camera in the range of Rs1,500 to Rs2.5 lakh a unit.
“We have licence for pan-India Internet service. Now, we are building solution over broadband services. Security and surveillance is one of the areas that we see have huge potential. We are expecting Rs175 crore revenue from this segment in the current fiscal and Rs1,115 crore by 2021 from sales in retail network,” Videocon Telecom chief executive Arvind Bali said.