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Business News/ Markets / Stock Markets/  Nelco stock snaps a 2-day losing streak, gains 8% on strong volumes
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Nelco stock snaps a 2-day losing streak, gains 8% on strong volumes

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 to date. Since reaching a low of ₹487 in March 2023, the stock has surged by 61.40%.

In the recent December quarter (Q3FY24), the company posted ₹6.15 crore in consolidated net profit, a 23% YoY improvement.Premium
In the recent December quarter (Q3FY24), the company posted 6.15 crore in consolidated net profit, a 23% YoY improvement.

Nelco, a leading VSAT provider in India and part of the Tata Group, witnessed an 8% surge in its stock price, reaching 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 second-most valuable Indian firm, touched a market capitalisation of 15 lakh crore. Further, Tata Motors' market capitalisation has recently crossed 3 lakh crore, surpassing Maruti Suzuki's and reclaiming its position as the country’s most-valued automotive company after seven years. 

Additionally, other Tata Group stocks, including Trent, Titan, Tata Power, and Tata Consumer Products, are also performing well on exchanges, and these four companies achieved a market capitalisation of one lakh crore in the last one-year period.

At 10:15 a.m., the stock was trading with a gain of 5% at 792 apiece. 

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.

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Published: 22 Feb 2024, 10:50 AM IST
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