The Radhakishan Damani-owned Astra Microwave Products hit a new high of Rs 321 and surged by 6 per cent on the Bombay Stock Exchange (BSE). In the morning trade, the shares were trading 4 per cent higher at Rs 315.

In June, the stock of the defence company zoomed 66 per cent from the level of Rs 193 on the Bombay Stock Exchange (BSE). Moreover, over the past six months, it has soared 65 per cent against a 2.6 per cent rise in the S&P BSE Sensex. In the past year, the stock has surged 111 per cent compared to a 5.7 per cent gain in the benchmark index.

Last week, Astra Rafael Comsys Private Limited (where Astra and its associates own a 51 per cent stake) will take up the development, manufacture, integration, customization and product support of Electro-Optic (EO) systems in addition to its existing business line.

“This new product line (EO) will enable JVC to compete in the upcoming EQ systems business of about $600 million in India in the next 5 to 8 years,” Astra said in an exchange filing.

“We believe going forward; our revenue mix will increase in the domestic area as compared to last three previous years which should give improved bottom line. We have clear opportunities of about Rs 3,000 crore for the next three years out of the market potential of about Rs 14,500 crore up to 2028,” Astra said in its FY22 annual report.