Data Patterns share price jumps over 6% on tech transfer agreement with ISRO’s IN-SPACe

Data Patterns (India) share price rallied more than 6% on Tuesday after the company announced a licensing and Transfer of Technology (ToT) agreement with IN-SPACe for miniature synthetic aperture radar (SAR) capability. Data Patterns shares jumped as much as 6.75% to ₹2,130 apiece on the BSE.

This agreement will provide Data Patterns with miniature SAR Radar capability. 

IN-SPACe is a single-window, independent, nodal agency that functions as an autonomous agency in the Department of Space (DoS).

The technology has been developed at Space Applications Centre (SAC), ISRO and is the forerunner of ISRO's upcoming high resolution SAR satellite, the NISAR and made available for ToT to the industry by IN-SPACe, Data Patterns said in a regulatory filing.

(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!)

“This technology will enable SAR radar development by Data Patterns, complementing the large portfolio of Radars already available from the company. Data Patterns expects to enhance this technology with its capability with Artificial Intelligence (AI) tools for object detection and classification. This alliance is also a step towards utilising India's space resources better and increasing space-based activities,” said G. Kuppuswamy, Vice-President of Data Patterns.

Also Read: Coal India share price scales 52-week high on improved volumes and blended realization outlook

In the quarter ended June 2023, the defence and aerospace electronics solutions company, Data Patterns reported a consolidated net profit of ₹25.83 crore, registering a sharp 81.4% jump from a year-ago period.

The company’s revenue in Q1FY24 grew 31.2% year-on-year (YoY) to ₹89.7 crore, while other income rose to ₹11.61 crore.

At 11:40 am, Data Patterns shares were trading 4.88% higher at ₹2,092.60 apiece on the BSE.

Catch Live Market Updates here