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Shares of DCX Systems slipped 9 per cent to Rs 210.50 on the BSE in Thursday’s intra-day trade. The stock of aerospace & defence company quoted at its lowest level since its market debut on November 11. The stock now trades close to its issue price of Rs 207 per share. The market price of the company has tanked 32 per cent from its listing day high of Rs 319.75 on the BSE.
At 01:36 PM; DCX Systems traded 8 per cent lower at Rs 212.55, as compared to 0.39 per cent decline in the S&P BSE Sensex.
Shares of DCX Systems made a strong market debut, with the stock gaining as much as 49 per cent from its issue on the listing day. The strong debut followed a huge response to the company’s IPO, which saw nearly 70 times more demand than the shares on offer. DCX’s IPO consisted of a fresh fundraise of Rs 400 crore and an offer for sale worth Rs 100 crore.
DCX’s is a leading manufacturer of electronic sub-systems and cable harnesses.
As on September 30, 2022, DCX has an order book position of Rs 2,550 crore. The company’s management said the company has a healthy and strong order book which gives an optimistic outlook for the near future. The company’s focus remains on securing raw materials to support the anticipated growth and rationalizing expenses to improve operational efficiencies.
The management further said the company is also focusing on forward and backward integration in FY24, which would include setting up of Electronic Manufacturing Services (EMS) plant in its wholly-owned subsidiary Raneal Advanced Systems Pvt. Ltd.
Additionally, DCX is scouting to acquire technology (TOT) from OEMs in the area of Aerospace and defence and Civil Applications. This would also be supported by potential inorganic growth in offset defence obligations and non offset defence opportunities, the management said.
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