Speedcast International, the world's most trusted provider of remotecommunication and IT solutions and NELCO have been awarded a new contract to deliver satellite communications onboard a leading Indian Cruise line catering to the Indian domestic andinternational cruise markets.

The leading Indian Cruise line offers a rich experience of Indian culture, hospitality and cuisine todomestic and international travelers. The cruise ship will sail initially in India before proceeding tothe Middle East. Throughout its journey, it will be able to enjoy seamless Ku-band connectivity in andout of Indian waters as a result of the recent partnership agreement between Speedcast and Nelco.

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NELCO announced the launch of maritime communication services. Nelco is the first Indian company that will now providequality broadband services to the maritime sector.

Maritime Connectivity will enable high-end support to those in sea by providing access to Voice, Dataand Video services while traveling on sailing vessels, cruise liners, ships in India, using satellitetechnology. Nelco through global partnerships, infrastructure including transponder capacity onsatellite of ISRO (Indian Space Research Organization) and a comprehensive service portfolio will helpEnergy, Cargo and Cruise vessels by enhancing operational efficiency, improving crew welfare andenabling customer services. The IFMC licence has not only enabled connectivity for on-board users onships but also brings operational efficiencies for shipping companies which were less evolved untilnow.

In the next 24 months, Nelco plans to establish itself as a leader in the maritime communications spaceby introducing the services to more maritime vessels of the Indian shipping companies and alsofacilitating international ships coming to India to use the communication services in Indian waters.

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NELCO Ltd fell 1.58% today to trade at Rs 227. The S&P BSE IT Sector index is down 0.31% to quote at 16072.38. The index is up 1.04 % over last one month. Among the other constituents of the index, Zensar Technologies Ltd decreased 1.08% and Wipro Ltd lost 0.98% on the day. The S&P BSE IT Sector index went up 2.54 % over last one year compared to the 0.52% fall in benchmark SENSEX.

NELCO Ltd has added 2.39% over last one month compared to 1.04% gain in S&P BSE IT Sector index and 0.97% drop in the SENSEX. On the BSE, 336 shares were traded in the counter so far compared with average daily volumes of 8914 shares in the past one month. The stock hit a record high of Rs 350 on 07 Sep 2018. The stock hit a 52-week low of Rs 201.7 on 08 Oct 2018.

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Net profit of NELCO declined 13.99% to Rs 3.38 crore in the quarter ended June 2019 as against Rs 3.93 crore during the previous quarter ended June 2018. Sales declined 0.55% to Rs 48.76 crore in the quarter ended June 2019 as against Rs 49.03 crore during the previous quarter ended June 2018.

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