Zen Technologies Shares Gain After Bagging Defence Order

Shares of Zen Technologies Ltd. gained on Tuesday after winning an defence order.

The provider of military training and counter-drone solutions announced an order win from the Ministry of Defence, Government of India, valued at Rs 123.3 crore (inclusive of 18% GST), according to an exchange filing.

During the current quarter, the company secured new orders worth Rs 733 crore, raising its total order book to Rs 1,275 crore (excluding tax), the company said.

Shares of the company were trading 0.87% higher at Rs 825.30 apiece as of 10:26 a.m., compared to a 0.22% advance in the NSE Nifty 50. The stock rose as much as 3.23%.

It has risen 349.39% on a year-to-date basis. The relative strength index was 63.29.

The one analyst tracking the company has a "buy" rating on the stock, according to Bloomberg data. The average of 12-month price targets given by analysts implies a potential downside of 41.4%.