Vijay Kedia Portfolio: This telecom stock hits upper circuit. Experts see more gain
Vijay Kedia Portfolio: Shares of Tejas Networks, which is a Vijay Kedia portfolio stock, has hit 5 per cent upper circuit in Wednesday's early deals. The telecom stock has rallied near 17 per cent in the last 5 trade sessions. According to stock market experts, the stock may go up to ₹500 per stock levels once it manages to break the minor hurdle of ₹430 to ₹435 as it is expected to get huge business in the wake of 5G roll out.
Market experts have become bullish on the telecom hardware companies like Tejas Networks, Sterlite Tech, etc after the government's move to manufacturing of telecom hardware equipment like optic fiber cable, router, Ethernet switches, modem to ensure a Make in India 5G roll out. Experts believe that the decision is going to have long-term impact on such companies’ financials and their stocks.
Speaking on the reason for such rise in Tejas Networks share price; Avinash Gorakshkar, Head of Research at Profitmart Securities said, "The GoI has recently issued notification allowing manufacturing of 25 telecom equipment to ensure a make in India 5G roll out. Since, Tejas Networks is in this business, it is expected to get major benefit of this government move through rise in their business volume. Since, 5G roll out is not a one day affair, it will have long-term impact on Indian telecom hardware manufacturing companies like Tejas Networks." He said that Tejas Networks is a portfolio stock that one should think of adding in one's stock portfolio.
Unveiling major levels in regard to this Vijay Kedia portfolio stock; Sumeet Bagadia, Executive Director at Choice Broking said, "Tejas Networks shares have strong support at ₹380 and it may give strong breakout above ₹430 to ₹435 on closing basis. So, one should buy and hold the counter for the target of ₹470 to ₹500 maintaining stop loss at ₹380." Sumeet Bagadia advised investors to continue adding this Vijay Kedia stock till it is above ₹400.
Vijay Kedia share holding in Tejas Networks
As per the shareholding pattern for April to June 2021 period, the marquee investor has investments in the telco through his company Kedia Securities, which holds 39 lakh shares i.e., around 4.17 per cent stake in Tejas Networks.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.