Zen Technologies secures order worth Rs 160 crore from government; stock zooms ~3%

7 Jul 2023 , 02:54 PM

Zen Technologies Limited, a leading provider of military training and anti-drone solutions, informed the investors and exchanges that it has received a significant order from the Government of India worth approximately Rs 160 crore.

The contract is part of the government’s Indigenous Design and Development (IDDM) initiative, which requires Indian intellectual property and at least 60% indigenous content. With a rich history of thirty years in IP-based Design & Development (D&D), Zen is in a favorable position to capitalize on these initiatives and reap the benefits.

At around 2.44 PM, Zen Technologies was trading 2.96% higher at Rs 432, against the previous close of Rs 419.60 on NSE. The counter rose to an intraday high and low of Rs 439.65 and Rs 426, respectively.

The government’s push for indigenous defense equipment and technology has energized the industry. The company’s fourth-quarter consolidated net profit increased 510% year-on-year to Rs 20 crore. In the previous quarter, its net profit was Rs 9 crore.

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