Israeli network equipment vendor Ceragon Networks (Nasdaq: CRNT) share price jumped 12% on Thursday after reporting that it had signed an agreement with a global integrator, in support of a network modernization project for a Tier 1 Operator in India. The contract is worth $150 million but could rise or fall 25% depending on the requirements of the project.
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On Friday the company’s share price was unchanged at $2.62, giving a market cap of $221.108 million. Ceragon’s share price rose 13% in 2023 and has risen a further 24% since the start of 2024.
Ceragon CEO Doron Arazi said, “The scale and scope of this project reaffirms Ceragon’s strong brand recognition as an innovative and trustworthy partner in the wireless transport space. We are excited to take part in providing the citizens of India with the future-friendly connectivity they need.”
Ceragon is expected to begin delivery and deployment of the new sites in the second quarter of 2024. Deployment is expected to complete within 7-9 quarters, with approximately 75% of the project value expected to be received during this period.
Published by Globes, Israel business news – en.globes.co.il – on January 14, 2024.
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