Nelco Stock Price: Why is Tata Group’s Stock Hit 10% in the Top Circle Today? Multibagger stock doubled 80% in one year

Shares of Nelco, India’s leading provider of satellite communications services, hit 10% in the upper trading circle during Friday on BSE. The sudden rise in stock prices came after Nelco entered into an agreement with Intelsat, the operator of one of the world’s largest integrated satellite and terrestrial networks and a leading provider of air communications (IFC), on Thursday.

On Friday, the counter rose by Rs 77.85 or (10.00%) to Rs 856.65 per share on the Bahrain Stock Exchange. Nelco is a multi-brand stock that has returned 80% in the past year. In two years, the stock has generated a return of 296%, while it has given about 850% return in the past five years. Scrib’s 10-year return is 1675%. It’s up over 30% in the last month. The stock traded at a 52-week high of Rs 968.55 on October 19 last year, while touching a one-year low of Rs 453.55 a share on Oct 26 of the previous year.

Nelco said in a statement on Thursday that this agreement is welcome news for Intelsat airline partners and pilots, as they will enjoy end-to-end broadband coverage on domestic and international aircraft flying to and from an Indian airport, as well as aircraft flying over the country.

“In addition to expanding our service coverage area to existing airlines for customers, our agreement with Nelco opens the door for Intelsat to serve India’s domestic airline,” said Jeff Surrey, President of Commercial Aviation, Intelsat. “This is a rapidly growing aviation market, and there is great untapped potential for IFC growth.”

Nelco, part of the $128 billion Tata Group, has been providing Aero IFC services for more than two years with plans to offer these services to more airlines in collaboration with its global partners.

Nelco will provide these services using Intelsat’s high-throughput IS-33e satellite. The IS-33e was launched in 2016 which provides C and Ku-band connectivity to parts of Asia, Europe, Africa and the Middle East. Intelsat’s IS-33e satellite has been approved by Indian government regulators, paving the way for coverage without interruptions or blackout areas. The service is now available on Intelsat partner airlines and their passengers on board.

Intelsat, which operates a satellite communications network, is building the world’s first hybrid, multi-orbit, software-defined 5G network designed to specifically provide simple, seamless and secure coverage, according to the company.

.

Related posts

Leave a Comment