AXISCADES Technologies shares surge 21% in two sessions, hit record high; here is why

Shares of AXISCADES Technologies, the country's leading defence and aerospace equipment maker, rose for a second straight session on Wednesday, September 30, after prominent investor Vanaja Sundar along with marquee mutual funds purchased stake in the company via multiple block deals on Tuesday.

AXISCADES Technologies shares have surged 21% in two sessions to hit a record high of ₹2,274.10 on the National Stock Exchange. In intraday deals, AXISCADES Technologies shares climbed as much as 10% amid spike in trading activity. As many as 87,000 shares changed hands on the BSE compared with its two-week average of 33,000 shares traded daily in the past two weeks.

As per the NSE block deal data, Jupiter Capital Private Limited sold 45,48,905 AXISCADES shares via block deal at ₹1,824 per share.

Ace investor Vanaja Sundar purchased 3 lakh shares while Kotak Mutual Fund bought 20.83 lakh shares, Svadha India Emerging Opportunities Scheme 1 picked up 8.77 lakh shares, Abakkus Mutual Fund procured 1,87,807 lakh shares, Abakkus Diversified Alpha Fund bought 2,41,000 shares, Abakkus Investment Managers Private Limited purchased 2,55,320 shares and Abakkus Investment Managers Private Limited acquired 6.04 lakh shares, data from NSE bulk deals showed.

Last week, AXISCADES informed exchanges that incorporated a subsidiary Akkodis Axiscades Aerospace Engineering Private Limited with purpose of providing engineering, design, technical, consulting and technology services to aerospace, aviation and allied industries.

AXISCADES Technologies Q1 earnings

AXISCADES Technologies reported a net loss of ₹15 crore in the first quarter of current financial year compared with a net profit of ₹21Adroit Industries shares list 75 crore in the same period last year.

Its revenue from operations rose 95% to ₹183 crore in April-June period from ₹94 crore in the year-ago period.

The company reported mixed operational performance as its EBITDA came in at ₹8.6 crore while EBITDA margin contracted by 410 basis points.