Shares of the defence equipment maker Zen Technologies rose as much as 10 per cent to hit a record high of Rs 153.75 today after the company informed the exchanges that it has received an order from Indian Air Force (IAF) for the supply of unarmed aircraft systems. Zen Technologies Limited has secured an order of Rs 155 crore from IAF for the supply of Counter Unmanned Aircraft Systems (CUAS). The order will be carried out in a 12-month time frame, the Hyderabad-based company said.
"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 company added.
With the Indian Air Force's order - Zen Technologies' total order book stands at Rs 402.61 crore. The company's order book for equipment is worth Rs 284.09 crore and order book for annual maintenance 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," said Ashok Atluri, chairman, managing director and CFO of Zen Technologies.
Zen Technologies manufactures land based military training simulators, driving simulators, live range equipment and anti-drone systems.
As of 12:35 pm, Zen Technologies shares traded 7 per cent higher at Rs 149.70, outperforming the Sensex which was trading 0.2 per cent higher.