XTRAS: Tejas Networks built smart city infrastructure for India’s first industrial township ELCITA (Electronic City Industrial Township Authority) in Karnataka.
TECHNICAL ANALYSIS:
• Resistance can be seen at 540 levels where it has shown rejection 2 to 3 times.
• Immediate support is spotted on 380 levels while the Next strong support can be spotted on 350, beyond which there will downtrend.
• 9 Period Exponential Moving Average is at 411 level and stock price is below that which shows a downward trend.
• 14 Period RSI Index is taken on 40 to 45. The trend is downward, if it goes below 30, then it will be under oversold zone.
• Currently the stock is in the consolidation phase (sideways).
ANALYST VIEW:
• Year on year Tejas Networks Ltd grew revenues 34.84% from 3.91bn to 5.27bn while net income improved from a loss of 2.37bn to a gain of 375.40m. But the stock price is in consolidation. Net Profit has been subdued in last 3 years -29.26% making Tejas Networks Ltd a below average quality company.
• The Price Trend analysis indicates it is Semi Strong which suggest that the price of Tejas Networks Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
• The one analyst offering a 12-month price target expects Tejas Networks Ltd share price to fall to 190.00 in the next year from the last price of 400.30.
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