Sigma Advanced Systems wins $22 million order while shares fall 5%
Business
Sigma Advanced Systems, a Hyderabad-based defense manufacturer, just landed a massive about $22 million order from a North American client to supply 40,000 artillery shell bodies, all to be delivered in six months.
Oddly enough, even with this win, their shares dropped 5% on Friday.
Sigma shares surge after export clearance
Once known mainly for making fuzes, Sigma is now stepping up as a full munitions player.
CEO Sunil Kalidindi says this contract shows the world trusts India's defense manufacturing.
Despite Friday's dip, Sigma's stock has actually soared, up 35% in the last month and 132% so far this year, reflecting strong optimism after getting export clearance from India's Department of Defense Production.