Orckit Communications Ltd (ORCT) Soars 23%

Orckit Communications Ltd (NASDAQ:ORCT) jumped 22.98% to $3.96 today after climbing an all time high of $4.04 from $3.22 on Oct 28. The stock traded $1.85 below its 52 week high and $1.78 above its 52 week low. The Company announced that it has received additional purchase order and immediate deployment for its CM-4000 products from Alphion Corporation, for deployment in BSNL through ITI. Orckit-Corrigent’s solutions are being deployed as part of a nationwide, next generation broadband, triple play network based on GPON and Carrier Ethernet technologies. The above announcement is a major achievement for the company and helped it to establish its presence in India. The Industry Analysts has prediction that the Indian Telecommunication Market will continue to demonstrate enormous growth as it is expected that broadband subscribers will move from few million to over a hundred million in few years. In August 2010, CM-4000 products received a Technical Specification Evaluation Certificate (TSEC) ensuring that the equipment conforms to technical specifications required to meet the highest quality and environmental standards following a rigorous evaluation by the BSNL Quality Assurance (QA) organization. The Company has a market capital of $77.30 million. The 50 day & 200 day moving average is $2.94 & $3.06. The company has total outstanding shares of 19.52 million, of which 17.11 million are floating. About Orckit Communications Ltd. Orckit Communications Ltd. facilitates telecommunication providers' delivery of high capacity broadband residential, business, and mobile services over wire line or wireless networks with its Orckit-Corrigent family of products.
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