Astra Microwave's JV to take up development of Electro Optic Systems; stock climbs ~2%

17 Aug 2022 , 01:57 PM

Astra Microwave Limited informed that its Joint Venture company M/s. Astra Rafael Comsys Private Limited will take up the development, manufacture, integration, customization, and product support of Electro-Optic (EO) systems in addition to its existing business line.

The company further stated that EQ systems are technologically complex high-value Optical and Infrared Imaging systems. These are used in military and homeland security applications around the world to provide enhanced situational awareness on the ground, airborne, and sea-based platforms.

In difficult battlefield environments, these sensors aid in identifying targets, tracking moving targets, and providing surveillance, navigation, and early warning information to our armed forces.

This new product line (EO) will allow JVC to compete in the $600 million EQ systems market in India over the next 5 to 8 years, stated the company.

Airborne EQ systems for Laser Designation and Recce applications, which were previously procured through global tenders, can now be manufactured, upgraded, and serviced in India by the Astra Rafael JV partnership as part of the Atma Nirbhar initiative.

Astra Microwave Products was trading at Rs282.20 up by 2.17% from its previous closing of Rs276.20 on the BSE. The scrip touched intraday high and low of Rs291.95 and Rs276.10 respectively.