Shares of Dynamatic Technologies Ltd. surged over 13% to a record high on Thursday after it signed a long-term contract with Dassault Aviation Ltd.
The project, part of the "Make in India" initiative, includes the manufacturing and assembly of critical aerostructure for the Falcon 6X, which is Dassault's flagship aircraft, according to an exchange filing.
The Falcon 6X is a highly advanced business jet that is known for its range, efficiency, and advanced technological features.
"This long-term contract highlights our commitment to delivering high-quality products and services to our customers. We look forward to contributing to Dassault's vision of innovation and excellence in aerospace manufacturing," said Udayant Malhoutra, chief executive officer and managing director of Dynamatic Technologies.
Shares of the company jumped 13.31% to touch a fresh record high of 5,950 apiece after it had recently hit a life high on Jan. 16. It pared gains to trade 10.27% higher at Rs 5,790.25 apiece as of 2:48 p.m. This compares to a 0.45% decline in the NSE Nifty 50 Index.
It has risen by 50.06% in the last 12 months. Total traded volume so far in the day stood at 4.2 times its 30-day average. The relative strength index was at 74, indicating it was overbought.
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