HFCL touches the roof on buzz of tying up with RIL for 4G launch

Himachal Futuristic Communications (HFCL) is currently trading at its upper circuit limit of Rs. 12.69, up by 2.11 points or 19.94% from its previous closing of Rs. 10.58 on the BSE.

The scrip opened at Rs. 12.69 and has touched a high and low of Rs. 12.69 and Rs. 11.40 respectively. So far 2729876 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 21.35 on 10-Jun-2011 and a 52 week low of Rs. 10.05 on 25-Nov-2011.

Last one week high and low of the scrip stood at Rs. 12.69 and Rs. 10.10 respectively. The current market cap of the company is Rs. 1572.77 crore.

The promoters holding in the company stood at 38.67% while Institutions and Non-Institutions held 21.47% and 39.84% respectively. 

After cellular market leader Bharti Airtel launched its 4G services, now Reliance Industries is reportedly gearing up to launch the services soon and has accordingly partnered with Himachal Futuristic Communications (HFCL).

HFCL, which has prior experience in this arena, will be handling ground-level execution and management while RIL-owned Infotel Broadband will concentrate on key aspects of the network and monitor the rollout. Thus, RIL has outsourced the contract to HFCL, who has already hired staff on its pay rolls for the said project.

In May 2010, RIL had acquired 95% stake in HFCL’s Infotel Broadband which is the only company to have pan-India airwaves for high-speed internet and data services.