Axiscades Technologies hits 5% upper circuit on MoU with European firm to develop systems in India

Axiscades Tech shares have been on a massive bull run, rallying 102 percent since the beginning of the year.

Shares of Axiscades Technologies Limited surged 5 percent to hit an upper circuit of Rs 1,278 per share on June 17 as investors cheered the company's Memorandum of Understanding (MoU) with a European defence company to boost production of its advanced systems in India.

Indra, a European-based global leader in defence, aerospace, and strategic systems, and
Axiscades announced that Indra is keen to acquire defence-related products and services, which will be delivered through Axiscades' comprehensive design, development, production, and supply
chain center.

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"Both companies are actively exploring joint product development for the Indian and global markets, potentially adapting existing Indra products or creating new ones specifically tailored to
meet customer needs," the company said in a regulatory filing.

The agreement seeks to manufacture several Indra solutions in India, including antennas for Tactical Air Navigation Systems (TACAN), Distance Measuring Equipment (DME) that provides in-flight data to aircraft, and countermeasure systems. These technologies are part of a broader suite developed by Indra to protect aircraft in flight from guided missile threats, such as the widely known MANPADS.

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Last month, the company announced the appointment of Ravikumar Joghee as Chief Strategy and Marketing Officer. Bengaluru-based Axiscades is an end-to-end engineering and technology solutions provider, catering to sectors such as aerospace, defence, heavy engineering, automotive and energy.

Axiscades Tech shares have been on a massive bull run, rallying 102 percent since the beginning of the year.

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