HomeAatmanirbhar BharatAvantel Secures Rs 10.39 Crore Supply Order from Indian Navy for SATCOM...

Avantel Secures Rs 10.39 Crore Supply Order from Indian Navy for SATCOM Equipment

In a significant development, Avantel, a leading communication services company, has been awarded a supply order worth Rs 10.39 crore by the Material Organisation in Mumbai, a department of the Indian Navy. Avantel will deliver SATCOM (Satellite Communication) Equipment as part of this contract within a timeframe of 12 months.

Avantel, known for its expertise in designing, developing, and maintaining wireless and satellite communication products, along with defense electronics and radar systems, has also earned recognition for its development of network management software applications. The company primarily serves customers in the aerospace and defense sectors.

The decision to award this contract to Avantel reflects the Indian Navy’s confidence in the company’s capabilities and commitment to delivering high-quality communication solutions. SATCOM Equipment plays a crucial role in modern naval operations, enabling seamless and secure communication across vast maritime domains.

Avantel’s recent announcement comes on the heels of its board’s decision to convene on October 9 to consider a proposal for issuing bonus shares, coinciding with the release of its quarterly earnings report.

Despite a marginal dip in its stock price earlier in the day, Avantel has been one of the standout performers in the current calendar year, delivering an impressive year-to-date return of 254.53 percent. Over the past decade, the company has demonstrated remarkable growth, with its stock surging by a staggering 10,043.66 percent.

A recent report by ICRA has further highlighted the growth potential in the defense sector. Private sector firms are expected to secure defense contracts worth Rs 60,000 crore in the financial year 2024-2025, constituting approximately 22 percent of the industry’s total size. The report also forecasts a compound annual growth rate of around 20 percent in defense production over the next three years, reaching Rs 34,000 crore by FY2026.

Avantel’s latest contract win from the Indian Navy positions it as a key contributor to the growth and development of India’s defense and communication sectors, reinforcing the company’s reputation as a leading player in the field.

AFI

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