Avantel share price jumped over 14% in early trade on Wednesday after the company announced receipt of a significant order. The small-cap stock surged as much as 14.8% to ₹138.90 apiece on the BSE.
The rally in Avantel share price today was supported by strong trading volumes. Around 77 lakh equity shares of the company were exchanged on BSE and NSE on March 25, as compared with its one week average trading volumes of 16 lakh shares, and one month average volumes of 13 lakh shares.
Aerospace and defence company, said it received a contract worth ₹459.90 crore from Zetwerk Manufacturing Businesses Limited.
The order is for the supply of Satellite Communication Equipment, along with one year comprehensive onsite warranty and five years comprehensive Annual Maintenance Contract (AMC) support.
Meanwhile, the rally in the Indian stock market today also lifted sentiments. The benchmark indices, Sensex and Nifty 50, were trading 1.5% higher each. The broader markets outperformed as the Nifty Smallcap 100 and the Nifty Midcap 100 indices surged more than 2% each.
Avantel Share Price Performance
Avantel share price has fallen 7% in one month and has declined 14% on a year-to-date (YTD) basis. The defence stock has dropped 25% in six months, but has jumped 38% over the past two years. The smallcap stock has delivered multibagger returns of 447% in three years, and a staggering 2,246% in five years.
At 9:50 AM, Avantel share price was trading 10.70% higher at ₹133.95 apiece on the .
(More to come)