Shares of NELCO rose about 3 p.c on June 6 as the corporate has entered into an settlement with the promoters and different shareholders of Piscis Networks. At 09:26 am, shares of the corporate had been quoting at Rs 643.50, up 1.42 p.c. YTD, the scrip is down near 10 p.c whereas it has rallied over 220 p.c up to now three years.

NELCO has agreed to make an preliminary funding of Rs 99,99,100 to subscribe to 1,111 fairness shares of Rs 10 every. This preliminary funding represents 9.09 p.c of the paid-up capital of Piscis Networks, the corporate mentioned in an alternate submitting.

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Moreover, NELCO has the choice to make additional investments as a way to enhance its shareholding to not less than 30 p.c of the paid-up capital of Piscis Networks. Nonetheless, these investments are topic to the required approvals and consents required by relevant legislation, the corporate mentioned.

NELCO Ltd is an Indian firm that operates within the know-how and telecommunications sector. It’s a subsidiary of the Tata Group, one in every of India’s largest enterprise conglomerates. NELCO supplies a variety of providers and options within the areas of satellite tv for pc communications, VSAT (Very Small Aperture Terminal) networks, managed community providers, and allied purposes. The corporate presents satellite-based connectivity options for numerous industries, together with banking, authorities, protection, oil and fuel, and catastrophe administration.

Throughout the March quarter, consolidated web gross sales rose 14 p.c YoY to Rs 81.98 crore whereas quarterly web revenue soared 87 p.c to Rs 5.66 crore.

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