Nibe Shares Hit Upper Circuit For Second Day — Here's Why Recently Listed Defence Stock Extended Gains
Nibe received an export order from a well-known international Israel-based defence firm.
Shares of Nibe Ltd. hit upper circuit for the second day on Tuesday, extending gains for the third day, after winning a major export order.
The small-cap defence company received an export order from a well-known international Israel-based defence firm, according to an exchange filing on Saturday. The order worth Rs 150.62 crore is for the manufacturing and supply of universal rocket launchers.
These rocket launchers will have a range of up to 300 km and will be produced in India. This will be the first time such an advanced technology will be made in the country for the global market, the company said.
"The Universal Rocket Launcher is among the most advanced in its class and is designed to outperform currently available global alternatives," the company said in a statement on Tuesday.
Nibe also said that with this order they reaffirm their commitment to 'Atmanirbhar Bharat' and 'Make In India'.
Nibe Share Price Advances
Shares on Tuesday were locked in a upper circuit after it rose 5% to Rs 1,679.60 per share, before it pared gains to trade 4.60% higher at Rs 1,6723.30 per share as of 10:23 a.m. This compares to a 0.93% decline in the NSE Nifty 50.
The shares hit upper circuit of 5% at Rs 1,599.7 on Monday also.
It has risen 5.15% since its listing in February. Total traded volume so far in the day stood at 6.9 times its 30-day average. The relative strength index was at 66.64.
