This stock was listed in November 2022 and is included in the S&P BSE Smallcap Index. It rose 6% on Thursday within the first hour of markets opening. It currently has a market cap of Rs. 3220 crore and saw higher than monthly average volumes this week, on average by 100%.
The stock is trading 4% away from its 52 week high; 17% and 51% above its 20 day and 200 day moving averages respectively. It has returned 67% in the last 3 month period.
DCX Systems Ltd (“DCX”) stated in a filing dated 30th August 2023, that it has entered into a Joint Venture Agreement with ELTA systems Ltd, which is a subsidiary of Israel Aerospace Industries (“IAI”) which is a Israel Government owned enterprise for developing, producing and distributing, globally, obstacle detection solutions based on radar and optics technology for railway industry. ELTA, has been associated with DCX for a long time and desires to partner with DCX for the said solutions in the global market.
ELTA is one of the Prominent supplier of Defence Equipment to the Indian Armed Forces for decades and has a credible track record with global leadership position in Defence Electronics in the fields of, Early Warning & Control, Electronic Surveillance and countermeasures, Fire Control, Self-Protection, and Self-Defense, with specific specialization in Radar, AI, Cyber, and robotics for the applications including aerospace and space, land, naval, and homeland security.
DCX shall hold 100% share capital initially in the JVC and at later stage DCX shall hold ordinary A shares constituting 50.1% of the JVC share capital; ELTA shall receive option to receive such an amount of ordinary shares constituting 49.9% of the JVC share capital, which shall have exercise price at par value NIS 0.01 each.
DCX Systems Limited manufactures and sells defense electronic systems and cable harnesses in India and internationally. HDFC Group holds 3.4% stake in DCX. Total FIIs & DIIs Holdings add up to 9.3%. Promoter stake remains unchanged at 72% for the past 4 quarters. Public float accounts for 18.3% with no short interest.
Written by Sandeep R
