There are very stocks that are doing well even in this terrible market and Astra Microwave is one of them. From yesterday’s close of Rs.111.20, it opened lower today at Rs.107.90 and after hitting an intra day low of Rs.120, it shot up to the day’s high point till now at Rs.118.70.It remains in the green, up over 2% at Rs.113 levels.

The company announced today morning after market opened that it has signed a Term Sheet for formation of Joint Venture Company (JVC) with M/s. Rafael Advanced Defence Systems Ltd., Israeli for joint production and supply of Tactical Radio Communication systems, Electronic war-fare systems and Signal intelligence systems.

The JVC will operate from Hyderabad and is expected to start business development activities in the first half of 2016. About US$ 20 million is expected to be invested in the first two years in the JVC.

To start with, ASTRA and M/s Rafael will own 51:49 in the JVC and will become 50:50 subject to regulatory approval.