On Tuesday, NELCO shares rose about 3% as the company participated in an agreement with the promoters along with the shareholders of Piscis Networks.

At 9:26 am, the company’s shares were trading at Rs 643.50, up 1.425%. The scrip sank close to 10% while it has rallied over 220% in the past three years.

NELCO has decided to make a preliminary investment of Rs 99,99,100 to subscribe to 1,111 equity shares of Rs 10 each. This initial investment signifies 9.09% of the paid-up capital of Piscis Networks, the company said in a regulatory filing.

Additionally, NELCO finds an option to make additional investments to increase its shareholding to at least 30% of the paid-up capital of Piscis Networks. However, the company stated that these investments are focused on the essential approvals and accords required by applicable law.

During the March 2023 quarter, combined net sales rose 14% YoY to Rs 81.98 crore, while periodical net profit soared 87% to Rs 5.66 crore.