AXISCADES Engineering’s arm wins orders; Stock gains 6%

The first order is with a Global OEM for a design to build test equipment and maintenance of strategic systems.

Nov 28, 2018 01:11 IST India Infoline News Service

Shares of AXISCADES Engineering spurted 6% in afternoon session on Wednesday after its subsidiary AXISCADES Aerospace & Technologies won orders worth $20mn.

Of the two orders, one is with a Global OEM for design to build of test equipment and maintenance of strategic systems, and the other for building subsystems of full motion full mission simulator.

“These wins in complex technology products and solutions for global clients mark an important milestone in growth and development of this franchise. We are proud of these wins as this highlights the expertise and capabilities in building complex strategic technology products and solutions in addition to our solidly growing engineering business,” said Kaushik Sarkar, CFO of the company.

AXISCADES Engineering Technologies share price is currently trading at Rs92.35, up by Rs5.2 or 5.97% from its previous closing of Rs87.15 on the BSE.

The scrip opened at Rs94.40 and has touched a high and low of Rs96.65 and Rs91.75, respectively. So far 5,81,156 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs329.07cr.

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