BUZZ-Australia's XTEK rises on $70 mln defence contract
Reuters
Oct 03, 2023
** Shares of XTEK Ltd rise as much as 14.1% to A$0.365 - biggest intraday pct gain since May 22
** Defence industry co says it has received new multi-year support contract from Commonwealth of Australia's Department of Defence
** Says total contract value over 10-year term potential to exceed A$110 mln ($69.95 mln)
** Adds contract is to maintain and sustain newly acquired mixed fleet of AeroVironment Small Unmanned Aerial Systems
** Stock at its highest level since Sept. 4
** Stock down 47.5% YTD, as of last close
($1 = 1.5726 Australian dollars)
(Reporting by Ayushman Ojha in Bengaluru)
((Ayushman.ojha@thomsonreuters.com;))
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