Vijay Kedia stock jumps after company’s clarification on Afghanistan business exposure

Tejas Networks today issued a statement as a clarification on reports of having business exposure in Afghanistan. The company said that it has no customer orders from Afghanistan that are pending for execution. The company statement went on to add that there are no outstanding receivables from customers in Afghanistan and no assets of the company are located in the region.

Tejas Networks share price forecast

Speaking on Tejas Networks share price outlook post-clarification of the company on its business exposure in Afghanistan; Sumeet Bagadia, Executive Director at Choice Broking said, “As the clarification has come, there is no room for speculation and confusion among the market investors and traders. Now the stock can hold lower levels of ₹330 to ₹350 and anytime a bounce can be seen. It is facing hurdle at ₹400 and once breaking this hurdle, the Vijay Kedia stock may go up to ₹440 levels.”

Standing in sync with Sumeet Bagadia’s views’ Avinash Gorakshkar, head of Research at Profitmart Securities said, “Since the clarification in regard to Tejas Networks business exposure in Afghanistan has come, we can expect trend reversal in the stock but not before some high volatility in this Vijay Kedia portfolio stock.”

Advising investors to maintain stop loss at ₹330, Sumeet Bagadia of Choice Broking said that those who have holding in this stock are advised to maintain strict stop loss and remain insulated from the expected high volatility in the stock.

Vijay Kedia holding in Tejas Networks

As per the shareholding pattern of Tejas Networks for April to June 2021 quarter, Vijay Kedia has investments in this stock through his company Kedia Securities. Kedia Securities holds 39 lakh shares of the company, which is to the tune of 4.17 per cent of the net company shares.