Shares of DCX Systems surged 14 per cent to a new high of Rs 364.40 on the BSE in Tuesday’s intra-day trade on heavy volumes.
In the past one week, the stock of the defense-allied company has zoomed 27 per cent after its board approved a fund raising plan of up to Rs 500 crore.
The average trading volumes on the counter jumped four-fold today. A combined 7.45 million equity shares, representing 7.7 per cent of total equity of DCX Systems, changed hands on the NSE and BSE.
The stock has bounced 162 per cent from its 52-week low level of Rs 138.90 touched on March 28. DCX Systems made its stock market debut on November 11, 2022.
With today's gains, it is now 76 per cent higher against its issue price of Rs 207 per share.
The board of directors of the company on November 10 approved the raising of funds for an aggregate amount of up to and not exceeding Rs 500 crore.
The fund raising should be in one or more tranches and/or one or more issuances, simultaneously or otherwise, including by way of public issue, preferential issue, rights issue, private placement(s), qualified institutions placement(s) and/or any combination thereof, the company said.
The board has called an Extra-Ordinary General Meeting of the company on Thursday, December 14, 2023 seeking the approval of shareholders for fund raising.
DCX Systems, one of the leading Indian defence manufacturing players, offers a full service and manufacturing of electronic sub-systems and cable & wire harness assemblies for both international and Ddomestic reputed customers.
The company commenced operations in 2011 and has been a preferred Indian Offset Partner (IOP) for foreign original equipment manufacturers (OEMs) for executing defence manufacturing projects.
DCX is primarily engaged in system integration and manufacturing a comprehensive array of cables and wire harness assemblies and are also involved in kitting.
DCX Systems is into a joint venture (JV) agreement with Israel-based ELTA Systems (part of IAI). Under this, a subsidiary has been incorporated in Israel, which would offer obstacle detection solutions based on radar and optics technology for the railway industry.
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The management said the company has a healthy and strong order book, which gives an optimistic outlook for the near future. The company’s focus remains on securing raw materials to support the anticipated growth and rationalizing expenses to improve operational efficiencies, the management said.