Curated By: Business Desk
Last Updated: November 21, 2023, 12:08 IST
According to the latest reports, the stocks of Zen Technologies, India’s leading defence training provider and anti-drone technology company, have experienced a significant surge. This rise followed the company securing an export deal valued at Rs 42 crore.
The stock reached a high on Monday, November 20, 2023, trading at Rs 5.758 on the NSE (National Stock Exchange), marking a 5 per cent increase at 2:15 pm.
This surge in stocks comes on the heels of the company securing a substantial export order of Rs 42 crore from a foreign nation. Zen Technologies is reaping benefits from the government’s Defence Export Initiative, witnessing a surge in exports.
The company stated on November 18, expressing, “This order, comprising state-of-the-art simulators, is from a friendly nation and stands as a testament to the Indian government’s efforts to boost defence exports, aligning with the national objective of becoming a net defence exporter,” in an exchange filing.
In the last month, Zen Technologies’ shares have risen by 6.72 per cent. Over the last six months, this multi-bagger defence stock has surged by 128 per cent, yielding a notable return of 305 per cent to investors. This year alone, the company has witnessed a staggering increase of 289 per cent. Reports indicate that the stock’s 52-week high stands at Rs 911.40, while its lowest point was Rs 175.15.
A year ago, the company’s share price was Rs 194.90, marking an impressive increase to Rs 758.55. The second quarter of this financial year proved highly profitable for Zen Technologies, with sales increasing by 99 per cent, resulting in a profit of Rs 66 crore. Their operating profits also rose by 86 per cent, contributing to an overall net profit surge of 78 per cent.