Avantel stock surges 19% to all-time high after securing Ministry of Defence order.

From Hindustan Times: 2024-06-14 06:42:22

Avantel, a telecom product manufacturing company, saw a 19% surge in its shares, hitting a record high of Rs. 168 after securing a Rs. 109.76 crore order from the Ministry of Defence. This marks the third order in a month, contributing to a 44% increase in stock price this year and a 3800% increase over five years. The company specializes in aerospace and defence communication products.
In FY23-24, Avantel achieved a record turnover of Rs. 22,391.75 lakh, completing various key projects for Indian Railways, Lockheed Martin, and others. It plans to introduce new products, expand its facility in Hyderabad, and enter the space technology segment to provide customised solutions to the Indian defence sector.
Looking ahead, Avantel is strategically positioned in the strategic electronics market, with plans for diversification and expansion. It aims to capitalize on new business opportunities in the space domain and is setting up advanced R&D and production facilities to support its growth initiatives. Investors are advised to consult experts before making investment decisions.



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