Shares of DCX Systems Ltd surged more than 3% on Friday after the company announced that it has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to establish a state-of-the-art defence manufacturing facility in Hosur.
The stock climbed 3.29% to ₹277.60 on the NSE, compared to its previous close of ₹268.75. The rally came after the company revealed plans to collaborate with Israel’s ELTA Systems Ltd and its group companies under the “Make in India” initiative.
As per the agreement, DCX Systems will set up facilities for the production of advanced defence technologies including airborne maritime radar systems, fire control radar systems, and other radar solutions for both airborne and land applications.
The Tamil Nadu government will provide infrastructural support and facilitate regulatory clearances under the state’s Industrial and Aerospace & Defence policies.
The announcement boosted investor sentiment, with the stock witnessing strong momentum in the afternoon session, driving it to the day’s high of ₹277.60.
