DCX Systems shares rise 16%, hit record high; here's why

Shares of DCX Systems hit their record high in early deals today after the firm said it won a significant contract from Larsen & Toubro Ltd, India. DCX Systems is a manufacturer of cables and wire harness assemblies. Shares of DCX Systems climbed 16% to a high of Rs 440 against the previous close of Rs 379.15 on BSE.

Market cap of DCX Systems climbed to Rs 4874.27 crore on BSE. Total 1.83 lakh shares of the firm changed hands amounting to a turnover of Rs 7.82 crore.

The stock has a beta of 1.4, indicating high volatility in a year.  

In terms of technicals, the relative strength index (RSI) of DCX Systems stands at 66.7, signaling it's trading in the neither in overbought nor in the oversold territory. DCX Systems shares are trading higher than the 5 day, 10 day, 50 day, 100 day, 150 day and 200 day moving averages.

The purchase order is worth Rs 1,250 crore and involves the manufacture and supply of electronic modules. The company is tasked with executing the order within a three-year timeframe, it said.

"...we wish to inform that the company has received a contract/order for Rs 1,250 Crore (INR One Thousand Two hundred fifty crores) plus Applicable Taxes from a reputed Indian conglomerate," the company said in a stock exchange filing.

In January 2024, DCX Systems raised Rs 500 crore by issuing 1.46 crore shares to 43 qualified institutional buyers (QIBs) at Rs 341 per share — a discount of 4.83% to the floor price of Rs 358.30 apiece.

DCX Systems is one of the leading for Electronic Systems and cable harnesses for both International and Domestic reputed customers.