The Exchange has sought clarification from NELCO Limited with respect to recent news item captioned Awaaz Exclusive: Tata Group's Nelco to enter satellite broadband business, shares jump. The response from the Company is attached.
NELCO · price
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Awaiting price reaction for this filing.
The NSE asked NELCO to clarify a news report stating that the Tata Group company plans to enter the satellite broadband business, which had caused its share price to jump. NELCO has submitted its response to the exchange, attaching it to this filing. The underlying news suggests a potential new business vertical for the company in satellite-based broadband services.
This is a routine exchange clarification rather than any regulatory action; it neither penalises nor penalises the company. Shareholders should look at the company's attached response to understand whether Nelco is indeed expanding into satellite broadband and how material this could be to future revenues.