Zen Technologies rallies 10.2% in two days

Zen Technologies was locked at 5% upper circuit at Rs 259.40 at 14:45 IST on BSE, with the stock extending recent rally triggered by the firm announcing signing a MoU with Rockwell Collins for providing Indian military simulation & training solutions

Meanwhile, the S&P BSE Sensex was down 112.93 points or 0.43% at 26,159.04.

On BSE, so far 30,000 shares were traded in the counter as against average daily volume of 45,000 shares in the past two weeks.

The stock opened with an upward gap surging by the maximum permissible level of 5% and remained locked at 5% level at Rs 259.40 so far in the day, which is also its 52-week high.

Shares of Zen Technologies have rallied 10.24% in two trading sessions from Rs 235.30 on 1 October 2014, after the company during market hours on Tuesday, 7 October 2014 said it has signed a memorandum of understanding (MoU) with Rockwell Collins to combine their strengths in simulation and training to offer industry-leading, high fidelity solutions to Indian military customers. The stock had surged by the maximum permissible level of 5% to settle at Rs 247.05 on Tuesday, 7 October 2014.

Rockwell Collins is a pioneer in the development and deployment of innovative communication and aviation electronic solutions for both commercial and government applications.

Zen Technologies reported a net loss of Rs 6.08 crore in Q1 June 2014, lower than net loss of Rs 6.15 crore in Q1 June 2013. Net sales rose 153.47% to Rs 3.65 crore in Q1 June 2014 over Q1 June 2013.

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

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