India's Omnitech Engineering jumps after securing defense orders

Omnitech Engineering

Yesterday 09:14

** India's Omnitech Engineering OMNT.NS jumps 13.3% to a two-week high of 671.95 rupees
** Set to snap a six-session losing streak, during which it lost 9.7%
** Co says it has secured commercial orders from leading Indian defense-sector organisations for the manufacture and supply of precision-engineered components and sub-assemblies for critical defense applications
** Co did not disclose the value of the orders
** "The development marks transition from product development and customer qualification to commercial execution, leveraging the company's existing capabilities in precision machining, engineered fabrication and assembly," ICICI Securities says.
** More than 11 million shares change hands, about 12x the 30-day average daily volume
** Stock up 233% from its March listing price of 202 rupees
     

(Reporting by Vivek Kumar M)
((VivekKumar.M@thomsonreuters.com;))