Nelco freezes at 5% of the upper circle in strategic agreement with Omnispace

Nelco shares closed in the upper circle 5 per cent at Rs 678.60 in BSE on Thursday after Tata Group and Omnispace announced a strategic collaboration agreement to enable and distribute 5G non-terrestrial network (NTN), direct-to-satellite device services.

“The collaborative effort will expand 5G using satellite communications across India and South Asia. This agreement with Omnispace allows Nelco to expand its services by including 5G direct-to-satellite solutions to its portfolio of satellite services for existing service and New customers across South Asia, using the world’s first 5G NTN network,” the company said in a press release. I read here

Nelco is one of the leading satellite telecom services provider in India providing highly reliable data communication solutions across the country primarily to the enterprise sector as well as to Aero IFC and Maritime. The company has the necessary licenses to provide Satcom services in the country, including in-flight and marine (IFMC) communications services.

This strategic agreement with Omnispace will focus on enabling the use of 5G direct-to-device communications using Omnispace’s global NGSO satellite network across various market segments. The Omnispace Network will provide IoT-based solutions and a seamless mobile connectivity experience that extend beyond the confines of existing mobile networks.

As of 10:15 AM, about 20,000 shares were traded on the exchanges. There are pending buy orders for about 75,000 shares on the New York Stock Exchange and the Bahrain Stock Exchange. The stock reached a 52-week high at Rs 969 on October 19, 2021.

Currently, Nelco is traded under Group T in BSE. In the T2T segment, every trade must result in a delivery and no offsetting of intraday positions is allowed.

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