Vijay Kedia portfolio share hits upper circuit. What's driving multibagger stock
2 min read 04 Apr 2022, 11:46 AM ISTVijay Kedia portfolio: Tejas Networks shares are one of the multibagger stocks in 2021 as it has delivered around 170 per cent return to its shareholders in last one year
PremiumVijay Kedia portfolio stock Tejas Networks share price has hit upper circuit for fourth straight session today. Tejas Networks share price today opened opened 5 per cent higher from its Friday close and ascended to its intraday high of ₹470.45 apiece levels leading to no seller available for the scrip. This all happened in the stock within minutes of market opening.
According to stock market experts, Dalal Street has gone bullish over the multibagger Vijaty Kedia stock as Tata group has announced to acquire 64 per cent stake in the Saankhya Labs Pvt Ltd while Tejas Networks is expected to acquire 35.60 per cent per cent stake in the company. With this acquisition, the telecom hardware company is positioning itself for the market opportunities coming its way after 100 per cent made in India 5G roll out.
Speaking on the reason for this multibagger stock hitting upper circuit on a regular basis; Manoj Dalmia, Founder and Director at Proficient Equities Private Limited said, "Tejas Network shares hit upper circuit of 5 per cent today as Tata Group ha announced that it will acquire 64 per cent stake in the firm Saankhya Labs Pvt Ltd for ₹264 crore in a cash deal. Tejas Networks is also expected to take the rest 35.60 per cent stake after approvals from the boards." Manoj Dalmia said that the outlook for Vijay Kedia portfolio stock is bright with its expansion into 5G technologies and with this acquisition, it is positioning itself for upcoming business opportunities in future.
Echoing with Manoj Dalmia's views; Ravi Singh, Vice President & Head of Research at Share India said, "The acquisition of Saankhya Labs will not only enhance Tejas Networks' wireless offerings but also it's customer base in India and overseas. On technical setup, the stock is in a cycle of making higher high and higher low from the swing low of ₹360 levels indicating inherent strength in the counter."
Tejas Networks share price history
Tejas Networks shares are one of the multibagger stocks in 2021 as it has delivered around 170 per cent return to its shareholders in last one year after surging from near ₹175 to ₹470 apiece levels in this period.
Vijay Kedia shareholding in Tejas Networks
According to shareholding pattern of Tejas Networks for October to December 2021, Vijay Kedia has invested in this company through his company Kedia Securities Private Limited. Kedia Securities Private Limited holds 39 lakh Tejas Networks shares, which is around 3.42 per cent of the net paid-up capital of the company.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
