Tata Elxsi gained 2.06% to Rs 1,412.90 at 11:40 IST on BSE after the company said its partner, Spirent and the company won a new customer in China for their joint advanced V2X test system.
The announcement was made after market hours yesterday, 9 January 2017.Meanwhile, the S&P BSE Sensex was up 127.57 points or 0.48% at 26,854.12.
On the BSE, 33,464 shares were traded on the counter so far as against the average daily volumes of 85,295 shares in the past one quarter. The stock had hit a high of Rs 1,425.80 and a low of Rs 1,400 so far during the day. The stock had hit a record high of Rs 2,396 on 2 February 2016 and a 52-week low of Rs 1,021.65 on 21 November 2016.
The stock had underperformed the market over the past one month till 9 January 2017, falling 2.87% compared with the Sensex's 0.08% fall. The scrip had, however, outperformed the market in past one quarter, rising 2.87% as against the Sensex's 4.76% fall.
The mid-cap company has equity capital of Rs 31.14 crore. Face value per share is Rs 10.
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Tata Elxsi announced the adoption of the V2X test system by CAICT, a scientific research institute directly under the Ministry of Industry and Information Technology of China. This next generation test system is developed by the company in partnership with Spirent, a global leader in test solutions for automotive networking and communications.
It provides a flexible, scalable and comprehensive test environment for testing and performance benchmarking of V2X applications, in various stages of the development cycle, right from early research up to pre-production.
Using a combination of Tata Elxsi's Patent pending V2X Emulator software and Spirent's advanced solutions for GNSS and radio channel simulation, the integrated V2X test bed offers the ability to bring real-world traffic scenarios into the lab and thereby significantly reduces costs and time associated with extensive field testing. Various driving scenarios can be emulated under a variety of terrain, wireless channel & atmospheric conditions.
Tata Elxsi's net profit rose 2.74% to Rs 43.08 crore on 3.04% growth in net sales to Rs 303.29 crore in Q2 September 2016 over Q1 June 2016. The company will announce its Q3 results on 25 January 2017.
Tata Elxsi is a global product engineering services provider that works with leading original equipment manufacturers (OEMs) and semiconductor companies across consumer electronics, broadcast, wired and wireless communications and automotive verticals.
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