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Telecom stock hits 20% upper circuit after it receives order worth ₹147 Cr from Jio

Telecom service provider has won a Rs. 147 crore contract for maintaining indoor and outdoor wireless networks, including smallcells and Wi-Fi, with a three-year duration, ensuring no related party transactions.
Telecom stock surges 20% after securing ₹147 crore order from Jio for network maintenance.
Telecom stock surges 20% after securing ₹147 crore order from Jio for network maintenance.

Introduction:

Leading telecom service provider has secured a major contract worth Rs. 147 crores from a prominent industry player. The deal involves maintaining indoor and outdoor wireless communication networks, including smallcells and Wi-Fi systems, for a three-year duration.

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Share price movement of Steelman Telecom:

On December 4, 2024, Steelman Telecom Ltd opened at ₹138.00, up 7.0% from its previous close of ₹129.00. The stock reached a high of ₹154.80 (20.00%) and a low of ₹138.00. By 11:05 AM, it traded at ₹154.80, marking a 20.00% increase, with a market cap of ₹149.79 crore.

Steelman Telecom secures maintenance contract:

Steelman Telecom Limited has secured a significant contract worth Rs. 147 crores from Reliance Projects & Property Management Services Limited (Jio). The deal involves providing teams for maintaining indoor smallcell, Wi-Fi Enterprise UBR sites, both indoor and outdoor.

The scope of the contract includes the deployment of Frontend, Backend, and Supervisor teams for maintenance tasks. Engineers will be supported with tools, PPE, and conveyance as part of the comprehensive work agreement, with guidelines provided by the Engineer-In-Charge.

This domestic contract, set to span three years, will contribute to the enhancement of wireless communication networks, particularly in small cells and Wi-Fi networks. Steelman Telecom has no ties to the promoter group of Reliance, ensuring no related party transaction.

Stock performance of Steelman Telecom for Period of 1 week, 6 months and 1 year:

Steelman Telecom Ltd has seen a 3.91% decline over the past week, while experiencing a modest 1.34% gain over the last six months. However, the stock has faced a significant 24.0% drop over the past year.

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Shareholding pattern of Steelman Telecom:

All values in %Sep 2024Jun 2024Mar 2024
Promoter72.00%72.00%72.00%
FII2.30%2.30%2.30%
DII0.00%0.00%0.00%
Public25.70%25.70%25.70%
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About Steelman Telecom:

Steelman Telecom Ltd (BSE: 543622) was incorporated in 2003 and specializes in contractual maintenance and interior work. An ISO 9001:2015 certified company, it provides skilled services to telecom operators and OEMs, offering solutions for network support and maintenance.

Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.

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