Cemtrex Stock Soars 76% After Subsidiary Gets Selected For US Navy SBIR Phase 1 Contract
(RTTNews) - Shares of Cemtrex, Inc. (CETX) are climbing about 76 percent on Tuesday morning trading after its subsidiary Invocon, Inc. was selected as an apparently successful offeror for a Phase I Small Business Innovation Research (SBIR) contract with the Naval Sea Systems Command.
The company's shares are currently trading at $1.40 on the Nasdaq, up 76.89 percent. The stock opened at $1.6850 and has climbed as high as $1.74 so far in today's session. Over the past year, it has traded in a range of $0.51 to $42.60.
Saagar Govil, CEO of Cemtrex, said that the selection reflects Invocon's growing relevance to U.S. Navy programs and validates the technical depth of the company's team.
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