Stocks to buy: Up 147% in 7 months: Vijay Kedia hikes stake in this data networking firm

Shares of Tejas Networks climbed over 6 per cent in Wednesday’s trade after Mumbai-based value investor Vijay Kedia’s firm Kedia Securities increased its stake in the company during the September quarter.

Latest shareholding data showed that Kedia Securities held 39 lakh shares, or 4.21 per cent stake in Tejas Networks as of September 30. His firm had 14 lakh shares, or 1.52 per cent stake, in the preceding quarter ended June 30.

On the other hand, mutual funds cut their stake in the company to 10.78 per cent from 14.75 per cent earlier. Foreign portfolio investors also reduced their stake marginally to 21.06 per cent from 21.77 per cent.

Shares of the company have soared 147 per cent since the beginning of the ongoing financial year, while the benchmark BSE Sensex has gained 38 per cent during the same period.

The company is an optical and data networking products company specialising in designing and developing high-performance and cost-competitive products for telecommunication and internet service providers, utility companies, defence companies and government entities situated across over 60 countries.

Tejas is yet to announce its financial results for the quarter ended September 30. Earlier, it had reported a loss of Rs 9.76 crore for the quarter ended June 30, against a profit of Rs 5.78 crore in the same period last year.

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