Australia's Orbital Corporation rises on contract with Singapore customer

Orbital

30/03/2023 24:59

** Shares of Orbital Corporation  OEC.AX  rise as much as
10.0% to A$0.165, their biggest intraday pct gain since March 23
    ** Australia-based industrial technology co says it has
signed a continuation contract of A$2.08 mln ($1.39 mln) with
its major Singapore customer 
    ** Adds contract continuation represents another positive
milestone in the new unmanned aerial vehicle (UAV) engine
program for our Singapore customer
    ** Further adds production of the new engine model is
scheduled to commence in the first half of FY2024 
    ** Stock has fallen 16.7% this year, as of last close

($1 = 1.4966 Australian dollars)

 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@thomsonreuters.com))