Zen Technologies Limited stocks were trading 3% higher on July 7 morning after the developer of defence training and weapons secured a Rs 160 crore government contract. The contract comes under the government’s Indigenous Design and Development (IDDM) initiative.

Zen Technologies, in a brief BSE filing: “Zen Technologies Limited, a leading provider of military training and anti-drone solutions, is pleased to announce a significant order win from the government of India valued at approximately Rs 160 crore. The contract comes under the Government’s Indigenous Design and Development (IDDM) initiative, which requires Indian IP and over 60% indigenous content. With three decades of IP-based Design & Development (D&D) experience, Zen stands poised to benefit from such initiatives.”

The company has reported a 510% on-year jump in the fourth quarter consolidated net profit to Rs 20 crore. Its net profit stood at Rs 9 crore in the previous quarter.

Zen Technologies total revenue increased 215% year-on-year to Rs 96 crore.

At 10:35 am, the stock was trading at Rs 429.70 on the National Stock Exchange, up by 2.41% from the previous close.