Australia's XTEK rises on $70 mln defence contract

Highcom

03/10/2023 01:35

** Shares of XTEK Ltd  XTE.AX  rise as much as 14.1% to
A$0.365 - biggest intraday pct gain since May 22  
    ** Defence industry co says it has received new multi-year
support contract from Commonwealth of Australia's Department of
Defence
    ** Says total contract value over 10-year term potential to
exceed A$110 mln ($69.95 mln)
    ** Adds contract is to maintain and sustain newly acquired
mixed fleet of AeroVironment Small Unmanned Aerial Systems 
    ** Stock at its highest level since Sept. 4
    ** Stock down 47.5% YTD, as of last close
 


($1 = 1.5726 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))