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Shares of Zen Technologies were locked at the upper circuit for the sixth straight trading session on Wednesday, rising over 100 per cent during the period. The rally was triggered in the stock after the company secured a new order from the Indian Air Force (IAF).
In the last five trading sessions, the stock had hit the 10 per cent upper circuit limit; however, the exchanges have revised the circuit filter to 5 per cent with effect from today. The stock of the defence is now trading at its life-time high.
Till 10:46 am, a combined 1.02 million equity shares had changed hands with pending buy orders for around 1.15 million shares on the BSE and NSE. In comparison, the S&P BSE Sensex was up 0.06 per cent at 58,315.
On September 3, Zen Technologies announced that it has secured an order worth Rs 155 crore from the Indian Air Force (IAF) for supply of Counter Unmanned Aircraft Systems (CUAS).
The order will be carried out in a 12-month time frame. This is Zen Technologies' first significant order in the anti-drone space, and the company said it remains confident of securing additional orders in the future.
Earlier this month, the company had stated that it had secured orders worth Rs 211 crore during April-June (Q1FY22) quarter. "Order book as on September 01, 2021, stands at Rs 402.6 crore as against an order book of Rs 191.6 crore on 30th June 2021," Zen Technologies had said.
Zen Technologies is engaged in manufacturing land-based military training simulators, driving simulators, live range equipment and anti-drone systems. The company is engaged in indigenous design, development and manufacture of sensors and simulators technology based defence training systems and has relentlessly been providing Defence Training Solutions and seamless services to Ministry of Defence (Armed Forces), Security Forces Police, Para-military forces.
Anti-drone systems, drones, and training solutions will continue to be the core business of Zen Technologies and the company has all the simulators required for the legacy equipment used by the Indian Army, the release added.
