Zen Technologies Surges on Bagging Order from Indian Air Force
- ByStartupStory | September 3, 2021
Shares of the defence equipment maker, Zen Technologies, rose as much as 10 per cent to hit record high of ₹ 153.75 after the company informed exchanges that it received an order from Indian Air Force for supply of unarmed aircraft systems. Zen Technologies Limited secured an order of ₹ 155 crore from Indian Air Force (IAF) for the supply of Counter Unmanned Aircraft Systems (CUAS). The order will be carried out in a 12-month time frame, the Hyderabad-based company said.
“Zen Technologies emerged as the lead runner on the back of superior product quality at competitive pricing. This is Zen Technologies’ first significant order in the anti-drone space, and the company remains confident of securing additional orders in the future,” the company added.
With the Indian Air Force’s latest order for supply of unarmed aircraft systems, Zen Technologies, total order book stands at ₹ 402.61 crore. The company’s order book for equipment is worth ₹ 284.09 crore and order book for annual maintenance contracts stood at ₹ 118.52 crore.
“This is a significant step toward making India a drone and counter-drone technology export hub. These orders placed on Indian companies can have a multiplier effect on the Indian equipment manufacturers ecosystem because products like anti-drone systems have a high export potential to friendly foreign countries. Anti-drone systems and training solutions are in high demand in many countries,” said Ashok Atluri, chairman, managing director & CFO of Zen Technologies.
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