Shares of Zen Technologies hit a new high of Rs 528.90, surging 10 per cent on the BSE in Wednesday’s intra-day trade amid heavy volumes. In past two days, the stock of a leading provider of military training and antidrone solutions company has zoomed 24 per cent after the company announced a significant order win in the export market. The order is valued at approximately Rs 340 crore (~ 41.5 million USD).
Thus far in the current calendar year, the stock has skyrocketed 184 per cent, as compared to 7.5 per cent rise in the S&P BSE Sensex.
Earlier, on June 6, Zen Technologies had announced that it won order worth of Rs 160 crore from the Government of India. The order is related to supply of Anti Drone System to Ministry of Defence and to be executed within 12 months. The current order is based on Buy Indian (IDDM) category requiring Indian IP as a prerequisite with more than 60 per cent indigenous content and Zen was a resultant single vendor, the company said.
Zen Technologies specializes in manufacturing land-based military training simulators, driving simulators, live range equipment, and anti-drone systems.
The management had said the company have placed bids for substantial orders and expect the results by H1FY24. To capitalise on these potential opportunities, the management said the company is taking steps to enhance the bandwidth of its key functions, including Supply Chain, Procurement, and Production Planning. The management is also optimistic about the promising prospects of the export market.