Ceragon Networks Ltd. (Nasdaq: CRNT; TASE:CRNT) has won a multimillion dollar contract from Idea Cellular Ltd. (BSE: 5323822), India's third largest mobile carrier to modernize thousands of wireless backhaul connections around the country to support the data growth visualized from 3G and future technologies.
Ceragon's share price rose 5% on the TASE today to NIS 14.84. The share price closed at $3.97 on Nasdaq on Friday, giving a market cap of $146 million.
Ceragon's solutions and services and will enable Idea Cellular to upgrade its TDM network and deliver advanced data-rich services to its over 125 million customers.
"India is a huge marketplace for growth in high-capacity mobile infrastructure and companies like Idea Cellular are leading the deployment of next-generation systems throughout the region - both rurally and in urban centers," said Ceragon president and CEO Ira Palti.
Ceragon cited GSMA director general Anne Bouverot as saying that India is the world's second largest mobile market with 900 million mobile connections. The mobile penetration rate, currently at 72%, is forecast to rise to almost 100% by 2017.
Ceragon has several customers in India and has scores of employees in the country.
Published by Globes [online], Israel business news - www.globes-online.com - on September 23, 2013
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