Data Patterns Shares Rocket 6% After Bagging Order From DRDO

Shares of Data Patterns shot up sharply after the Defence Research and Development Organisation (DRDO) announced awarding a project to the defence company.

What Happened: DRDO has awarded seven new projects to industries under the technology development fund scheme for various requirements of the armed forces as well as the aerospace and defence sectors. One such project is for the development of a radar signal processor with an active antenna array simulator, which was awarded to Data Patterns.

“The project will enable the deployment of multiple target systems for test and evaluation of multiple short-range aerial weapon systems. It serves as the basic building block for larger radar systems. The project has been sanctioned to Data Pattern (India) Limited,” as per a Ministry of Defense release to the Press Information Bureau.

See Also: Ambuja Cements Shares Rebound After 3 Days As Nomura Upgrades Stock To ‘Buy’

Shares of the company that were muted on Thursday shot up sharply after the news made headlines. The stock went up over 7% to hit an intraday high of ₹3,394.15.

Price Action: Data Patterns’ share price was up 5.55% to trade at ₹3,382.80 on Thursday afternoon.

Read Next: RVNL Bags LoA For ₹138 Cr Order, Shares Up 4%

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesNewsContractsMarketsMoversTrading IdeasData Patterns