Astra Microwave Products rose 3.61% to Rs 152 at 13:40 IST on BSE after the company said that it has entered into memorandum of understanding to form a 50:50 joint venture company with Unique Broadband Systems, Canada.
The company made announcement during market hours today, 27 November 2015.
Meanwhile, the BSE Sensex was up 62.11 points, or 0.24%, to 26,020.74.
On BSE, so far 1.63 lakh shares were traded in the counter, compared with an average volume of 79,563 shares in the past one quarter.
The stock hit a high of Rs 155.30 and a low of Rs 148.70 so far during the day. The stock hit a 52-week high of Rs 165.90 on 13 April 2015. The stock hit a 52-week low of Rs 100 on 16 June 2015.
The stock had outperformed the market over the past one month till 26 November 2015, gaining 8.71% compared with 5.13% fall in the Sensex. The scrip had also outperformed the market in past one quarter, jumping 33.55% as against Sensex's 0.95% rise.
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The mid-cap company has an equity capital of Rs 16.37 crore. Face value per share is Rs 2.
Astra Microwave Products said that the joint venture company with Unique Broadband Systems, Canada will conduct business in the areas of ultra-high frequency (UHF) broadcasting, satellite up linking and medical imaging products for Indian and other regional markets specially South Asia and Russian Federation.
Astra Microwave Products' net profit dropped 22.6% to Rs 18.11 crore on 44.1% decline in total income to Rs 106.22 crore in Q2 September 2015 over Q2 September 2014.
Astra Microwave Products develops, manufactures, and distributes wireless communication solutions. The company offers products in the areas of telecommunications, defense, and space, and the product line includes amplifiers, base stations, dish antennas, filters, microwave components, and switching equipment.
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