Shares of Axiscades Technologies Limited were locked at a 5% upper circuit on 17 June after the company announced signing a Memorandum of Understanding (MoU) with a European defence business to increase production of its advanced systems in India.

Indra, a European leader in defence, aerospace, and strategic systems, has partnered with Axiscades to buy defence-related products and services. Axiscades will provide design, development, production, and supply chain services.

In its regulatory filing, the company said, “Both companies are actively exploring joint product development for the Indian and global markets, potentially adapting existing Indra products or creating new ones specifically tailored to meet customer needs.”

The arrangement aims to produce multiple Indra solutions in India, including antennas for Tactical Air Navigation Systems (TACAN), Distance Measuring Equipment (DME), which gives in-flight data to aircraft, and countermeasure systems.  

These technologies are part of a larger package developed by Indra to protect aircraft in flight from guided missile threats, including the well-known MANPADS.

Last month, the business named Ravikumar Joghee as its Chief Strategy and Marketing Officer. Axiscades, headquartered in Bengaluru, provides comprehensive engineering and technology solutions to industries such as aerospace, defence, heavy engineering, automotive, and energy.

Axiscades Tech shares have been on a spectacular bull run, up 102% since the start of the year.

At 12:13 pm, the shares of Axiscades Technologies were locked 5% higher at Rs 1,278.10 on NSE.

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