In terms of technicalities, the relative strength index (RSI) of the Avantel stock stands at 66.1, signalling it's trading neither in the overbought nor in the oversold zone.

Shares of multi-bagger Avantel Ltd gained over 5% in early trade today after the firm said the firm received a provisional purchase order worth ₹67.92 crore from NewSpace India Limited. Avantel shares opened higher at Rs 127 against the previous close of Rs 123.10 on BSE. It hit an intraday high of ₹130, 5.60% higher on BSE. Market cap of the firm climbed to ₹3,104.12 crore. The stock has risen 328% in a year and zoomed 399% in 2023. Avantel shares have a beta of 0.3, indicating very low volatility in a year.

Avantel shares hit a 52-week low of ₹21.98 on December 23, 2022 and a 52 week high of Rs 136 on November 28, 2023. In terms of technicals, the relative strength index (RSI) of the Avantel stock stands at 66.1, signalling it's trading neither in the overbought nor in the oversold zone. Avantel shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 150 day and 200 day averages.

The order relates to supply, installation and commissioning of Satcom Terminals (Xponders). The order is to be completed by October 2024.

Recently, the board of the telecom equipment firm also approved issue of bonus shares in the ratio of 2:1. It also approved a stock split in the ratio of 3:1 in August.

The firm clocked a 142% rise in net profit to Rs 16.7 crore in Q2 against Rs 6.9 crore in the second quarter of the previous fiscal. Revenue zoomed 50.41% to Rs 54.6 crore in the September 2023 quarter against Rs 36.3 crore in the September quarter of the previous fiscal.

EBITDA surged 138% to Rs 25.5 crore in the last quarter against Rs 10.7 crore in the September 2022 quarter.

Avantel is engaged in the manufacturing of wireless front-end, satellite communication, embedded systems, signal processing, network management and software development and rendering related customer support services.