Tata Elxsi shares rose 2.7 per cent to hit an intraday high of Rs 1,424.95 on Tuesday, after the company announced winning of a contract from China's IT ministry in partnership with Spirent.
The Tata group company in a regulatory filing announced the adoption of the V2X test system by CAICT (China Academy of Telecommunication Research of MIIT), a scientific research institute directly under the Ministry of Industry and Information Technology of China.
This next generation test system is developed in partnership with Spirent, Tata Elxsi said.
The system "provides a flexible, scalable and comprehensive test environment for testing and performance benchmarking of V2X applications, in various stages of the development cycle, right from early research up to pre-production", the Bengaluru-based design company said.
A part of the $100-billion Tata group, Tata Elxsi addresses the communications, consumer products, defence, healthcare, media & entertainment, semiconductor and transportation sectors.
"V2X technology is gaining tremendous interest among global OEMs & Tier-1 companies for delivering safer driving experience. The V2X Test System, developed by us, enables multi-standards compliance testing using a single solution," said Nitin Pai, senior vice president-marketing at Tata Elxsi.
"With China being the largest automotive market in the world, this latest win with CAICT in China is significant for us, and automotive companies targeting this market," Mr Pai added.
At 10:21 a.m., shares in Tata ELXSI were trading 1.97 per cent higher at Rs 1,415.20 apiece on the National Stock Exchange, outperforming the broader Nifty index which was up 0.42 per cent.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
