Today, HFCL gained 3.76 per cent to Rs 77.20 after the company announced an agreement with Qualcomm Technologies Inc to design and develop 5G small cell products for outdoor use.

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Rajen Vagadia, vice president of Qualcomm India and President at Qualcomm India & SAARC, said, “As 5G becomes mainstream in India, small cells will be crucial for successful 5G infrastructure and realizing the potential of IoT and smart cities. Qualcomm Technologies is committed to supporting and accelerating India’s 5G journey. We are pleased to work closely with an industry leader such as HFCL to enhance network densification, accelerate 5G adoption and deliver unparalleled consumer experiences in India.”

Fortune Business Insights forecasts the worldwide 5G small cell market will rise from $740 million in the last year to $17.9 billion by 2028 at a CAGR of 54.4 per cent.

The company has to adopt technology to manufacture high-end transmission and optical fibre, access equipment and optical fibre cables (OFC). To set up modern communication networks for telecom service providers, defence and railway.

On a consolidated basis, the net profit tumbled 41.45 per cent to Rs 53.10 crore on a 12.9 per cent decline in net sales to Rs 1,051.02 crore in the first quarter of FY23 over the first quarter of FY22.