Dynamatic Technologies rose 2.78% to Rs 2250.50 after the company announced the signing of a MoU with Hindustan Aeronautics (HAL) for long-term production of Front Fuselage of LCA Tejas.
HAL and Dynamatic Technologies shall work together for manufacturing and supply of Front Fuselage Assembly along with Jig and Tooling complying to quality requirements. The purchase order for this understanding shall be released soon.
Separately, the company informed that the Northrop Grumman has signed a letter of intent (LoI) with Dynamatic Technologies, to support their workshare for India Navy F/A-18 program.
Dynamatic Technologies designs and builds highly engineered products for aerospace, hydraulic, metallurgy and security applications at its design facilities in Europe and India. Dynamatic is a demonstrated leader for the development of exacting airframe structures and precision aerospace components for major global aerospace companies.
The company's consolidated net profit surged to Rs 8.17 crore in the quarter ended June 2022 from Rs 2.52 crore during the previous quarter ended June 2021. Sales declined 2.95% to Rs 310.96 crore in Q1 FY23 over Q1 FY22.
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