Astra Microwave Products rallied 10.32% to Rs 882.50 after the company has signed a Joint Venture Agreement with Manjeera Digital Systems, Hyderabad, for the manufacturing of NavIC chips and GNSS products using the NavIC chip.
The purpose of the agreement is to undertake the manufacturing of NavIC chips and GNSS products using the NavIC chip.The board of the joint venture company (JVC) shall comprise four directors, with each party appointing two directors, and the parties shall jointly appoint or nominate the chief executive officer (CEO), chief financial officer (CFO), company secretary, auditor, and other key managerial personnel (KMP) for the JVC.
The shareholding in the joint venture will be equally divided, with Astra holding 50% and Manjeera holding 50%.
Astra Microwave Products designs and manufactures high-value-added RF and microwave super components and sub-systems that find application in defence, space, and civil communication systems.
The companys consolidated net profit soared 206.8% to Rs 7.20 crore on 16% increase in net sales to Rs 155.18 crore in Q1 FY25 over Q1 FY24.
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