NIBE Clarifies Status of Indian Army Loitering Munition Tender Amid Media Reports
NIBE Ltd has clarified the status of negotiations surrounding the Indian Army's loitering munition tender following media reports alleging that the company is likely to secure the deal.In response to articles published in The Hindu Businessline, which cited the potential for NIBE to win the contract, the company stated that it has not received any formal communication confirming the award of the tender or the final outcome of the bid process.
The company affirmed that while it continues to participate in various business opportunities as part of its routine operations, no information has been received from the concerned authority indicating that the tender has been awarded to NIBE Ltd or that any decisive event related to the procurement has occurred.
NIBE clarified that it has not received a contract, an award letter, communication, or confirmation regarding the subject matter mentioned in the media article. As such, the event referenced by the publication has yet to crystallize.
The company noted that the article appears speculative in nature and currently holds no material impact on NIBE’s business operations or financial position.
In providing background context, NIBE stated that it had previously informed Stock Exchanges regarding the successful completion of a technical trial for the Indian Army's RFP (Request for Proposal). This trial covered the 100 km range at Pokhran and Joshimath (Malari), Uttarakhand, concerning the Astra-1 Loitering Munition.
Furthermore, NIBE confirmed that as of the date, there are no regulatory or legal proceedings pending related to this subject matter that require disclosure to Stock Exchanges.
NIBE Stock Price Movement
Today, NIBE Limited shares surged in post-market trading, settling at ₹1585.80 after recording a strong gain of 9.63%. The stock saw high activity during the session, with 146,039 shares being traded.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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