Shares of the defence gear maker Zen Technologies rose as a lot as 10 per cent to hit a file excessive of Rs 153.75 at this time after the corporate knowledgeable the exchanges that it has obtained an order from Indian Air Force (IAF) for the availability of unarmed plane methods. Zen Technologies Limited has secured an order of Rs 155 crore from IAF for the availability of Counter Unmanned Aircraft Systems (CUAS). The order shall be carried out in a 12-month timeframe, the Hyderabad-based firm stated.
“Zen Technologies emerged as the lead runner on the back of superior product quality at at competitive pricing. This is Zen Technologies’ first significant order in the anti-drone space, and the company remains confident of securing additional orders in the future,” the corporate added.
With the Indian Air Force’s order – Zen Technologies’ whole order e-book stands at Rs 402.61 crore. The firm’s order e-book for gear is value Rs 284.09 crore and order e-book for annual upkeep contracts stood at Rs 118.52 crore.
“This is a significant step toward making India a drone and counter-drone technology export hub. These orders placed on Indian companies can have a multiplier effect on the Indian equipment manufacturers eco-system because products like anti-drone systems have a high export potential to friendly foreign countries. Anti-drone systems and training solutions are in high demand in many countries,” stated Ashok Atluri, chairman, managing director and CFO of Zen Technologies.
Zen Technologies manufactures land primarily based army coaching simulators, driving simulators, stay vary gear and anti-drone methods.
As of 12:35 pm, Zen Technologies shares traded 7 per cent larger at Rs 149.70, outperforming the Sensex which was buying and selling 0.2 per cent larger.