Multibagger drone stock Zen Technologies share price rises 8.5%, inches close to one-year high

Stock Market Today: Multibagger drone stock Zen Technologies share price rose up to 6% in the morning trade on Thursday, October 10. The company remains in the news amid an order win from the Ministry of Defence.

Zen Technologies share price opened at ₹1,787.95 on the BSE on Thursday, more than 1% higher than its previous close of ₹1759.70. The stock extended gains to scale an intra-day high of ₹1,909.70, marking gains of 8.5%.

Following today's rise, Zen Technologies share price inched closer to its one-year and all-time high of ₹1,969.85. Zen Technologies stock has gained 2,870% in the last five years and 154.09% in the last one year, delivering multibagger returns to investors.

On a year-to-date basis, Zen Technology's share price has risen 135.7% while it is up almost 17% in the past one month.

Zen Technologies recently signed an Annual Maintenance Contract (AMC) worth ₹46 crore (inclusive of 18% GST) for simulators with the Ministry of Defence. The contract, effective for a period of five years, ensures the continued maintenance of simulators designed and developed by Zen Technologies.

This AMC demonstrates the Ministry of Defence's continued trust in Zen's innovative defence solutions and strengthens the company's collaboration with the Ministry, the company said in an exchange filing on October 1, 2024.

The agreement as per Zen Technologies highlights its ability to meet the demanding operational needs of India’s defence forces through advanced simulator technology.

As of this contract, Zen continues to lead the way in the defence simulation space, ensuring the highest standards of operational readiness and maintenance support for the Ministry of Defence’s critical defence assets, the company statement added.

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