Shares of Zen Technologies Ltd. rose on Tuesday after it won an order worth Rs 227.65 crore from the Ministry of Defence.
The domestic order is for the supply of anti-drone systems. The company is the single vendor for the order. A comprehensive maintenance contract, post-warranty, is built into the contract at a cost of Rs 43.22 crore, inclusive of GST.
Shares of the company rose 4.87% before paring gains to trade 4.47% higher at 10:27 a.m., compared to a 0.07% advance in the benchmark NSE Nifty 50.
The stock has risen 326.05% on a year-to-date basis. The total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 54.24.
The lone analyst tracking the company maintains a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month price targets given by analysts implies a downside of 38.1%.
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