Shares of Zen Technologies were locked in their 10 percent upper circuit limit on Friday after the company bagged a major order worth about Rs 155 crore from the Indian Air Force. The stock also hit a 52-week high of Rs 153.75 on the BSE.
The order is to supply counter unmanned aircraft systems and will be carried out in 12 months.
“This is Zen Technologies' first significant order in the anti-drone space, and the company remains confident of securing additional orders in the future,” it said in a regulatory filing.
Considering that the anti-drone systems and training solutions are in high demand in many countries, growth opportunities for the company seem to have improved.
The company’s order book has improved significantly in the past few months. Zen Technologies’ order book as of September 01, 2021, stood at Rs 402.6 crore against Rs 191.6 crores on June 30, 2021.
At 1:20 pm, shares of Zen Technologies were trading 9.97 percent higher at Rs 153.80 apiece on the BSE. The scrip has been gaining for the last 3 days and has given more than 53% returns in the period.
Further, the stock is trading higher than its five-day, 20-day, 50-day, 100-day and 200-day moving average which hints that the sentiment for the stock is strong.