Telecom-major Stock surges 1.2% on securing Rs 2,510.3 crore contract from BSNL

Following the signing of an agreement with BSNL for a project of Rs 2,5103 crore, shares of HFCL are probably going to be the subject of attention on Thursday, February 20.

As the Project Implementation Agency under the BharatNet Phase-III Program, a domestic telecom gear manufacturer became the first company to sign an agreement with BSNL to carry out a project in the Punjab Telecom Circle valued at Rs 2,501.3 crore.

The business will now start project implementation right away. Bharat Sanchar Nigam (BSNL) gave HFCL an advance work order worth Rs 2,501.30 crore on January 16 to carry out the project in question.

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“We are proud to inform all stakeholders that today, HFCL has become the first company to sign an agreement with BSNL as the Project Implementation Agency (“PIA”) under the BharatNet Phase-III Programme for executing this project in the Punjab Telecom Circle. The company will now take immediate steps to commence project implementation,” HFCL had said in an exchange filing on February 19.

In addition, the company has also secured advance purchase orders worth Rs 2,167.65 crore from Rail Vikas Nigam Ltd for the supply and maintenance of optical fiber cables and telecom gears for the BharatNet Phase III in Uttar Pradesh (East) Telecom Circle and Uttar Pradesh (West) Telecom Circle.

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