Axiscades Technologies share price extended the gains on sixth consecutive session on June 20, with share hitting 52-week high of Rs 1479 following company signed a strategic Memorandum of Understanding (MoU) with Aldoria, a European leader in Space Surveillance and Situational Awareness (SSA), to strengthen India’s burgeoning space capabilities.
At 09:19am, Axiscades Technologies was quoting at Rs 1,460.00, up Rs 47.05, or 3.33 percent, on the BSE.
Under the MoU, both organizations will evaluate opportunities for high-level data and system alignment to provide cutting-edge SSA solutions that contribute to India’s space safety, security, and sovereignty.
This collaboration also includes prospects for sharing select SSA insights and technical know-how to ensure alignment with the evolving requirements of the Indian space ecosystem, company said in its press release.
Both the companies engaged in discussions with ISRO and ISTRAC for the past 5 months and decided to go with the partnership to address the potential.
Furthermore, Axiscades and Aldoria will together explore the development of software and system integration concepts to enhance situational awareness, with a focus on creating scalable, end-to-end solutions, company added.
Catch all the market action on our live blog
Axiscades had reported over three-fold jump in consolidated net profit to Rs 32 crore in the March quarter. Its revenue increased 5 percent to Rs 268 crore in the latest fourth quarter from Rs 256 crore a year ago.
The company's EBITDA (earnings before interest, tax, depreciation and amortisation) also rose 15 per cent to Rs 37 crore in the quarter under review from Rs 32 crore in Q4 FY24.
On June 16, company signed Memorandum of Understanding (MoU) with a European defence company 'Indra' to boost production of its advanced systems in India.
Also signed another agreement on June 20, with Indra, which aim to manufacture in India several Indra solutions, such as Distance Measuring Equipment (DME) that provides in-flight information to aircraft, and countermeasure systems, as part of a broader system designed by Indra to protect aircraft in flight from potential missile attacks using guided systems, such as the well-known MANPADS.
On June 18, the company announced expansion of on-going cooperation with MBDA. Axiscades has already established the required infrastructure, tools, processes, resources and the industrial eco-system for MBDA.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
