New Delhi, March 17 -- Shares of Tejas Networks, a Tata Group-backed company, surged 4.5% in early morning trade on Monday, March 17, to reach a three-month high of Rs.689 apiece. Today's rise also ended the stock's four-day slide, which followed the company's announcement last week that it had received Rs.123.45 crore from the Ministry of Communications, Department of Telecommunications (New Delhi) as an incentive for the financial year 2023-24 under the PLI (Production Linked Incentive) Scheme for Telecom and Networking Products.

Tejas Networks is a part of the Tata Group, with Panatone Finvest (a subsidiary of Tata Sons) as the majority shareholder. It designs and manufactures high-performance wireline and wireless networking products...