Zen Tech jumps on plan to set up unit in UAE

Zen Technologies hit an upper circuit limit of 5% at Rs 48.85 at 13:52 IST on BSE after the company said its board approved setting up a wholly-owned subsidiary in United Arab Emirates.

The announcement was made during trading hours today, 6 January 2015.

Meanwhile, the BSE Sensex was down 545.59 points, or 1.96%, to 27,296.73.

On BSE, so far 5.97 lakh shares were traded in the counter, compared with an average volume of 84,044 shares in the past one quarter.

The stock hit a low of Rs 45.40 in early trade. The stock hit a record high of Rs 51.35 on 25 November 2014. The stock hit a 52-week low of Rs 5.13 on 28 January 2014.

The stock had outperformed the market over the past one month till 5 January 2015, falling 1.79% compared with 2.16% fall in the Sensex. The scrip had also outperformed the market in past one quarter, soaring 97.83% as against Sensex's 4.80% rise.

The small-cap company has an equity capital of Rs 7.72 crore. Face value per share is Re 1.

The board of Zen Technologies approved setting up a wholly-owned subsidiary in United Arab Emirates (UAE) to tap the global market for the products of the company.

Zen Technologies reported net loss of Rs 6.42 crore in Q2 September 2014 as against net loss of Rs 6.44 crore in Q2 September 2013. Net sales rose 147.86% to Rs 2.90 crore in Q2 September 2014 over Q2 September 2013.

Zen Technologies develops state-of-the-art training equipment and simulators for weapons and allied defence equipment.

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