Shares of Tata Group company Nelco Ltd came into focus on Thursday, September 18, following media reports that the firm was preparing to enter the satellite broadband business. The stock saw an upswing, prompting a clarification from the company.
In its exchange filing, Nelco stated that it does not comment on “media speculation and rumors” and emphasized that no material information has been withheld from the exchanges. The company highlighted that it routinely evaluates strategic opportunities to strengthen and expand its operations, but any significant developments will be disclosed promptly in line with SEBI’s disclosure requirements.
The management further clarified that the recent surge in share price and trading volumes is “purely due to market conditions and absolutely market driven,” and that it has no role in influencing such movement.
The clarification followed an article published on September 18 by a media outlet claiming that Nelco was set to foray into the satellite broadband space.
