Here’s why Tejas Networks stock hit 5% upper circuit today

Shares of Tejas Networks hit a fresh 52-week high of Rs 246 on the Bombay Stock Exchange (BSE), rising nearly 5 per cent against the previous close of Rs 234.30 in early trade.

Shares of Tejas Networks hit 5 per cent upper circuit on Thursday after the firm confirmed that a subsidiary of Tata Sons Private Limited will acquire a controlling stake in the domestic telecom gear maker. Panatone Finvest Limited, a subsidiary of Tata Sons, will be acquiring the controlling stake in Tejas Networks.