Dynamatic Tech stock hits record high on Airbus order

Aviation deal: Shares of Dynamatic Technologies surged 12 per cent to hit record high of Rs 7,790.80 after bagging an order to build all door variants for Airbus A220 planes. 

Dynamatic Technologies, producer of highly-engineered aeronautics goods, and French flight-maker Airbus have signed an agreement to make all door variants for the plane manufacturer's A220 flights, both the company's said in an official statement. 

Remi Maillard, President of Airbus India, mentioned that the contract awarded to domestic maker of highly engineered products for aeronautics sector, Dynamatic Tech, is the biggest one so far by Airbus for doors.

The market capitalisation of Dynamatic Technologies is Rs 5,101 crore.

Union Civil Aviation Minister, Jyotiraditya Scindia, said, “Dynamatic-Airbus deal marks India as becoming the destination for aerospace manufacturing across the world.”

Chief Executive Officer of Dynamatic Technologies, Udayant Malhoutra, said it would deliver the first doors to Airbus early next year.

At 2:37 pm, the aeronautics-focused firm's shares were trading 7.06 per cent higher at Rs 7,475.70.