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This Vijay Kedia portfolio stock hits lower circuit for second day in a row

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  • Vijay Kedia portfolio: Experts said that after the recent developments in Afghanistan, Tejas Networks multi-year contract to create Afghanistan’s high-capacity National Optical Transport Network possesses jeopardized

Vijay Kedia portfolio: On account of the Afghanistan-Taliban crisis, Tejas Networks’ share price has been under huge selling pressure. After hitting a 5 percent lower circuit yesterday, the Vijay Kedia stock has hit a 5 percent lower circuit today also. consistent with stock exchange experts, the stock is under selloff pressure thanks to the Afghanistan crisis as the market is expecting a huge hit in Tejas Networks business thereafter Ashraf Ghani’s resignation. They said that after the recent developments in Afghanistan, Tejas Networks’ multi-year contract to create Afghanistan’s high-capacity National Optical Transport Network possesses been jeopardized. They expected further selloff within the counter as Tejas Networks’ share price almost doubled after the sealing of this deal was announced in January 2021.

Connecting this Tejas Networks share price tank with the latest developments in Afghanistan; Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Tejas Networks share price is nosediving thanks to the recent developments in Afghanistan as the market is predicted huge hit in its business post-resignation of President Ashraf Ghani. In January, Tejas Networks had signed a multi-year contract with Asia Consultancy Group (ACG) to create a high-capacity National Optical Transport Network in Afghanistan that has been jeopardized. The importance of this contract is often understood because the stock price has almost doubled after the announcement of this deal in January 2021.” Gorakshkar went on to feature that the stock may still feel the Afghanistan heat for few more trade sessions.”

Advising Tejas Networks shareholders to exit at CMP; Sumeet Bagadia, an executive at Choice Broking said, “The counter looks weak on the chart and should correct up to ₹330 levels. those that have held during this counter are advised to exit from their position at CMP and avoid taking any long position till the stock gets stabilised.”

In January 2021, Tejas Networks had announced that it had signed a multi-year contract with Asia Consultancy Group (ACG), a number one independent private company providing Telecommunications infrastructure, managed, and engineering services across Afghanistan. ACG with its headquarters in the USA may be a full life-cycle managed network service provider in Afghanistan for the last few years. As a part of this contract, Tejas was alleged to supply its state-of-the-art products to determine a high-capacity national backbone and packet access network in Afghanistan.

Vijay Kedia shareholding in Tejas Networks

As per the shareholding pattern of this Vijay Kedia portfolio for the April to June 2021 quarter, Vijay Kedia has investments during this telecom stock through his company Kedia Securities. Kedia Securities holds 39 lakh shares of the corporate, which is around 4.17 percent of internet company shares.

 

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