Shares of Zen Technologies surged sharply in early trade on Friday after the company announced a major order win from the Ministry of Defence, significantly boosting investor sentiment.
In an exchange filing, Zen Technologies informed that it has received orders aggregating ₹404 crore (including GST) from the Ministry of Defence, Government of India. The fresh orders include ₹332 crore for the supply of Anti-Drone Systems / Counter Unmanned Aerial Systems (C-UAS) and ₹72 crore for training simulators and related equipment.
The defence-focused orders have been awarded by a domestic entity and will be executed within a period of one year, as per the disclosure. The company also clarified that there is no promoter or promoter group interest in the awarding entity and that the contracts do not fall under related-party transactions.
Following the announcement, Zen Technologies stock witnessed strong buying interest on Dalal Street. As of 9:18 am IST, the shares were trading 7.79% higher at ₹1,321.50.
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