tata group stock: This Tata group defies market mood to rally 10%; here’s why – Blue Barrows

New Delhi: Shares of Nelco extended their gains on Monday despite a sharp selloff on Dalal Street. The stock hit its 10 per cent upper circuit for the second day in a row.

Shares of Nelco zoomed 10 per cent, their limit for the buyer’s circuit to Rs 942.30 on Monday. The stock added 10 per cent to settle at Rs 865.65 on Friday.

The satellite company and broadband services firm had announced a partnership with Intelsat to provide connectivity services during flights in the Indian skies.

As part of the collaboration, Intelsat’s airline partners and flyers will enjoy end-to-end broadband coverage on domestic and international aircraft flying to and from an Indian airport as well as the aircraft flying over the country.

“In addition to expanding our service coverage area for current customer airlines, our agreement with Nelco opens the possibility for Intelsat to serve India’s domestic airlines. This is a fast-growing airline market, and there is considerable untapped potential for IFC growth,” Intelsat president of Commercial Aviation Jeff Sare said in a statement.

Shares of Nelco have risen more than 45 per cent in the last one month. The counter has delivered a return of about 100 per cent in the last one year. The stock has zoomed about 375 per cent since April 1, 2021.

Tata Group’s arm Nelco has a permit to provide in-flight telecom services in India. Nelco will provide inflight services using Intelsat’s IS-33e high throughput satellite.

Nelco has been offering the Aero IFC services for more than two years with plans to introduce these services to more airlines in collaboration with its global partners.