DCX Systems Shares Hit Record High On Joint Venture With ELTA Systems

Shares of DCX Systems Ltd. jumped on Thursday to hit a record high, after the company announced a joint venture agreement with ELTA Systems Ltd.

The purpose of the joint venture agreement is to develop, produce and distribute obstacle detection solutions, globally, based on radar and optics technology for the railway industry, the cables manufacturing company said in an exchange filing on Wednesday.

"All in accordance with and subject to the terms and conditions as set out in this agreement," the filing said.

ELTA is a subsidiary of Israel Aerospace Industries, which is an Israel government owned company involved in aerospace and aviation manufacture.

Shares of DCX Systems jumped 6.18%, before paring gains to trade 3.06% higher at 10:28 a.m., compared to a 0.05% decline in the benchmark NSE Nifty 50.

The stock price hit a lifetime high of Rs 348.75 apiece. It has risen 48.94% on a year-to-date basis. The total traded volume stood at 3.1 times its 30-day average. The relative strength index was at 74, indicating that the stock may be overbought.