Australia's Orbital Corporation jumps on signing engine development contract

Orbital

04/05/2023 03:15

** Shares of Australia's Orbital Corporation Ltd  OEC.AX 
rise as much as 9.7% to A$0.170, set to mark best day since
March 30, if current gains hold 
    ** Stock hits highest since April 5
    ** Australia-based industrial technology co says it has
signed a new engine development contract worth A$3 mln ($2.00
mln) with Anduril Industries 
    ** Contract will involve co developing new and larger engine
configuration for Anduril’s future propulsion requirements  
    ** OEC has fallen 13.8% this year, as of last close


($1 = 1.4988 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))