Axiscades shares in focus after signing MoU with European defence company to Make in India

Shares of defence and aerospace solutions provider Axiscades Technologies Ltd. will be in focus on Tuesday, June 17, after the company signed a Memorandum of Understanding (MoU) with a European defence company to boost production of its cutting edge systems in India.

Axiscades signed an MoU with Europe-based Indra, and as part of the strategic alliance, Indra will acquire defence-related products and services from Axiscades, which will be delivered through the company's design, development, production and supply chain center.

The two companies are also exploring joint product development for Indian and global markets, either by adapting existing Indra products or create new ones to meet customer needs, Axiscades said in its exchange filing.

As part of the agreement, several Indra solutions like antennas for the Tactical Air Navigation Systems (TACAN), Distance Measuring Equipment (DME) and countermeasure systems which are meant to protect aircraft in fighting against potential missile attacks using guided systems, will be manufactured in India.

Both companies are also evaluating collaborations in MPA Airborne Solutions and exploring dedicated partnership for other programs, the filing stated further.

Shares of Axiscades Technologies ended in a 5% upper circuit on Monday at ₹1,217.3. The stock has risen 24% in the last one month, while gaining 83% so far this year.