Shares of Taneja Aerospace and Aviation Limited were trading in the red and 3% lower on 29 December after the company announced signing a MoU with Altair Infrasec Pvt Ltd.

In its regulatory filing, the company said that it had signed a MoU (memorandum of understanding) with Altair Infrasec Pvt Ltd to support the development of the prototype of a strategic product worth Rs 3.5 crore.

In its quarterly report for July-September, the company reported a 19% year-on-year decline in its net profit to Rs 2.67 crore during the quarter from Rs 3.31 crore reported in the same quarter last year.

However, the revenue during the quarter stood at Rs 7.15 crore, which is a .45% YoY increase from Rs 6.59 crore reported in the same quarter of the previous fiscal year.

In six months, the shares of the company have given a multi-bagger return of 102.69% and 207.06% in a period of one year.

As of 30 September, the promoters of the company own 51.23%, whereas the retail shareholders own a 48.77% stake in the company.

The company is in the business of manufacturing and selling different parts and components within the aviation sector.

At 3:30 pm, the shares of Taneja Aerospace closed 2.00% lower at Rs 350 on BSE.