Multibagger defence stock hits upper circuit in early deals, here's why 

Shares of Axiscades Technologies hit upper circuit of 5% in early deals on Wednesday after the firm said it won orders worth Rs 600 crore.  Axiscades Technologies stock rose 5% to Rs 1296.85 against the previous close of Rs 1235.10. Market cap of multibagger stock stood at Rs 5511 crore on BSE.

The company through its defence subsidiaries, won significant new orders, across airborne, naval, and radar-based platforms from premier Defence laboratories in India. 

"The orders involve development and supply of advanced sub-systems for some of the most sophisticated indigenous platforms being developed by leading Defence agencies like DRDOs and Defence PSUs," said the defence firm.  

"These programs of a cumulative order value of around Rs 600 Cr, adds to the existing order book, to be executed over the next 3 to 5 years, with a steady revenue stream across development, prototyping, and full-scale production phases," added the firm . 

The stock has delivered multibagger returns of 122% in the last one year and risen 951% in three years.

In terms of technicals, the relative strength index (RSI) of the stock stands at 38.6, signaling the stock is trading neither in the overbought nor in the oversold zone. 

Axiscades Technologies shares are trading lower than the 5 day, 10 day, 20 day, 30 day but higher than the 50 day, 100 day and 200 day moving averages.

The stock has a one-year beta of 1.4 signaling very high volatility during the period. 

AXISCADES is a leading, end-to-end technology, product and solutions provider aiding the creation of innovative, sustainable, and safer products worldwide in the Aerospace, Defence and ESAI domains.