Axiscades Tech hovers near 5% upper circuit as arm secures ₹150-cr order

Axiscades Technologies jumped 4.8 per cent on Monday and logged an intra-day high at ₹1,305 per share on BSE, after company arm Mistral Solutions secured a major order of ₹150-crore

Axiscades Technologies shares jumped 4.8 per cent on Monday and logged an intra-day high at ₹1,305 per share on BSE. The stock price was hovering near its 5 per cent upper circuit of ₹1,306.5 per share.   At 10:45 AM, Axiscades Technologies’ share price was trading 3.83 per cent higher at ₹1292 per share. In comparison, the BSE Sensex was up 0.36 per cent at 80,098.37. 

 

The market capitalisation of the company stood at ₹5,490.7 crore. The 52-week high of the stock was at ₹1,506 per share, and the 52-week low was at ₹421.05.

Why were Axiscades Technologies shares rising in trade? 

The buying on the counter came after the smallcap aerospace and defence company arm Mistral Solutions secured a major order for the supply of Electronic Control Units (ECUs) for the Su-30MKI “Super-30” modernisation program.

 

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The order is awarded for prototype development and will be followed by a forecast production order for an estimate of 600 numbers, with a value of ₹150 crore over a period of five years.

 

Mistral Solutions has received the development contract from CASDIC (Combat Aircraft System Development and Integration Centre) for the development of 10 nos. of ECUs of the cooling system for the Su-30 MKI upgrade.

 

“We are proud and excited to be a part of one of the DRDO’s/IAF’s most important modernization programs. This order reflects AXISCADES’ ability to design and deliver advanced indigenous technologies tailored to evolving combat requirements,” said C. Manikandan, CEO, Mistral Solutions.

 

Axiscades is an end-to-end technology, product, and solutions provider aiding the creation of innovative, sustainable, and safer products worldwide in the Aerospace, Defence, and ESAI domains. Headquartered in Bangalore with subsidiaries and offices worldwide, in France, Germany, Denmark, the USA, and Canada. The company has a diverse team of over 3000 professionals working across 17 locations across the globe, striving to reduce the program riskand time to market. 

 

The company has a long term relationship with the Defence Forces, MoD, Defence Labs, and PSUs along with global OEMs. It possesses deep domain experience in Weapon Systems, Avionics, Radar, Electronic Warfare, C4I2, Drones, Anti-Drone Systems, Test Solutions, GSE and GHE. We have executed several innovative in-house projects and partnered solutions for Land, Naval, Aerospace and Homeland Security.

 

The comprehensive portfolio of solutions covers the complete product development lifecycle from concept evaluation to manufacturing support and certification.