NIBE was locked in 5% upper circuit at Rs 1942.30 after the company announced the signing of an MoU with various entities for building and operating a private Earth Observation Constellation.
In a regulatory filing made on Sunday (September 8), the company stated that its subsidiary Nibe Space has signed a memorandum of understanding (MoU) with leading infra & defence companies and start-ups of India to collaborate as a consortium.
The entities that are a part of this consortium are Larsen & Toubro, Centum Electronics, Space Fields, SISIR Radar, CYRAN AI Solutions, AgniKul Cosmos, DV2JS Innovation, Thales Alenia Space and Thales India.
The consortium would supply equipment, services, skills, systems and support services, etc. for its aim to build and operate a Private Earth Observation Constellation & corresponding ground segment to provide constellation on lease basis, offer images and analytics as a service.
The MOU is valid for a period of 12 to 24 months. The company would sign and execute comprehensive, long term definitive agreement within the time period after due negotiations and discussion with each of the party as stated above.
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NIBE trades in electronic components, fabrication materials, and provides technical consultancy. It also provides services for the design, supply, erection, testing, and commissioning of low and medium voltage lines and substations on a turnkey basis.
The company's consolidated net profit surged to Rs 7.91 crore in the quarter ended June 2024 as against Rs 0.82 crore during the previous quarter ended June 2023. Sales rose to Rs 110.06 crore in Q1 FY25 from Rs 25.80 crore in Q1 FY24.
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