Dynamatic Technologies hits record high

The company is expected to bag the biggest block of licences for manufacturing unmanned aerial vehicles (UAVs), report.

Dynamatic Technologies has surged 8% to Rs 2,405, extending its previous day’s 5% rally on BSE, on reports that the company is expected to bag the biggest block of licences for manufacturing unmanned aerial vehicles (UAVs).

According to media reports, the Prime Minister’s Office (PMO), the Narendra Modi government will issue at least half-a-dozen licences to private companies for making UAVs. However, the civilian use of UAVs will remain a closed area.

“Bangalore-based Dynamatic Technology is expected to bag the biggest block of licences from the panel, comprising representatives from several ministries, clearing a plan to allow it to make 10,000 unmanned aerial systems and vehicles,” Times of India report suggests.

 

Meanwhile, the company which designs and builds engineering products for aerospace and automotive sectors has proposed a plan to raise up to Rs 100 crore through qualified institutional placement (QIP).

The company is holding an extra-ordinary general meeting on October 11, 2014 for getting shareholders approval for the move, as per a stock market disclosure.

The stock opened at Rs 2,450 and hit a record high of Rs 2,456 on NSE.  A combined 22,795 shares changed hands on the counter so far on BSE and NSE.