Zen Technologies Ltd has secured new order of Rs. 127 crores.
Commenting on the order win, Mr. Ashok Atluri - Chairman and Managing Director, said: "The Government of India has recently accelerated the induction of simulators into the armed forces, in line with the simulation framework issued in September 2021 (source: https://tinu.be/GOISimFW). This move not only saves a significant amount of money but also provides better training value and is the most environmentally sustainable way to train our forces for combat readiness.
Although Zen has faced setbacks in the past (2012), as the Company faced the cancellation of some large tenders that were within the grasp. The situation looked bleak back then, and we had stated in our press release at the time, "As of now Zen is not participating in any large tender… The visibility of the forthcoming orders is poor…" (source: https://tinu.be/Zen). The Company has made a complete turnaround over the last ten years. Zen is confident that it is well-positioned to participate in and contribute to the country's growth and progress. The company believes that the next few years will be extremely positive, and it anticipates the signing of several more significant contracts in the near future.
Zen believes that it will play a significant supporting role in the government's prestigious Agnipath initiative and efforts to modernize training. The Government of India's actions show that it is walking the talk when it comes to supporting its stated objectives. The induction of simulators into the armed forces is an example of this. With the government's support, Zen is confident that it will continue to thrive and contribute to the country's progress".
Shares of Zen Technologies Limited was last trading in BSE at Rs. 308.65 as compared to the previous close of Rs. 307.25. The total number of shares traded during the day was 238609 in over 3560 trades.
The stock hit an intraday high of Rs. 315.85 and intraday low of 304.00. The net turnover during the day was Rs. 73927553.00.