Among the few signed orders are deals for Boeing Co. naval patrol aircraft and military helicopters, as well as for a clutch of warships to be built domestically. Photo: HTNew Delhi: A fizzling boom in the shares of Zen Technologies Ltd, a designer of military simulators, shows how expectations of a rapid improvement in the nation’s armed forces are ebbing. Prime Minister Narendra Modi outlined a plan of spending $150 billion to modernize the military and spur local defence production after taking office two years ago, stoking a surge in contractors such as Zen Technologies. Zen Technologies climbed 1,172% from when Modi took office in May 2014 to a record in January this year, but has since dropped about 37%. Zen Technologies reported a loss for the past four quarters, according to data compiled by Bloomberg.

Source: Mint August 25, 2016 03:00 UTC