04 Oct , 2021 By : Kanchan Joshi
Vijay Kedia portfolio: After Tata group firm's open offer to buy 26 per cent stake in Tejas Networks on Friday, the Vijay Kedia portfolio stock hit its lifetime high of Rs543.35 apiece. In this sharp rally, the telecom hardware company hit 5 per cent upper circuit as well. Tejas Networks share price today opened with an upside gap of Rs25.85 per equity share hitting both all-time high and upper circuit.
According to stock market experts, Tata group firms offering to buy 26 per cent stake in the company and Made in India 5G roll out are the two major long-term triggers that is going to further fuel this Vijay Kedia portfolio stock. They said that the stock has given fresh breakout at Rs520 per equity stock levels and may go up to Rs600 levels in short-term. They advised investors to initiate momentum buy in the counter and keep on accumulating till is trading above Rs520.
Speaking on the major triggers fueling Tejas Networks share price rally; Avinash Gorakshkar, Head of Research at Profitmart Securities said, "On Friday, Tata group firms have given open offer to buy 26 per cent stake in this Vijay Kedia portfolio company. This has sparked fresh trigger in the telecom stock. Apart from this, Government of India (GoI) has already announced Made in India 5G roll out and it has allowed 25 telecom hardware parts manufacturing by the Indian telecom companies. Since, Tejas Networks is in telecom hardware manufacturing business; its business volume is expected to continue growing in next two to three years. In fact, it has recently got an order from Bharti Airtel as well."
Avinash Gorakshkar of Profitmart Securities said that Tata group firms offering to buy 26 per cent stake means they will come on the board of the company. So, market is speculating that in coming times, there can be some efforts from Tata group companies to buy more stakes of Tejas Networks from other shareholders from the open market. So, current buzz in getting further fuel from the market buzz that it may become a "Tata group company" in future.
Advising investors to initiate momentum buy in Tejas Networks shares at current market price; Sumeet Bagadia, Executive Director at Choice Broking said, "Tejas Networks shares have given fresh breakout at Rs520 levels. One can initiate momentum buy at current market price and keep on accumulating till it sustains above Rs520 levels. The telecom stock may go up to Rs575 to Rs600 in short term. However, one must maintain strict stop loss at Rs510 while taking position in this counter."
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