Shares of Data Patterns (India) Ltd have continued the bullish run with the stock hitting a fresh record high of INR1,480 apiece on the BSE in Wednesday's early deals. Data Patterns shares got listed on the leading stock exchanges BSE and NSE last year on December 24, 2021.

The defense stock has rallied about 85% in the last three months, almost doubling investor's money during the period, hovering around INR750 per share in August to currently trading over INR1,400 level. Whereas the multibagger IPO has skyrocketed more than 139% from its IPO issue price of INR585 apiece. In 2022 (YTD) so far, the counter has gained about 76% as compared to 0.1% rise in benchmark BSE Sensex.

Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defense and aerospace electronics solutions provider. The company is backed by former Blackstone head Matthew Cyriac via Florintree Capital Partners LLP.

Its core wings include design and development of electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation, and verification. Data Patterns works closely with the defense PSUs such as Hindustan Aeronautics Ltd and Bharat Electronics Ltd as well as government organizations involved in defense and space research like DRDO.

The third Positive Indigenisation List (PIL), sixth PIL for defense goods, which was announced last month, further attested to the Defense Ministry's continued pursuit of self-reliance in defense manufacturing, as also to minimizing imports and developing small and medium private defense companies, said analysts at brokerage Elara Capital in a note in the first week of September. The brokerage said that small and medium private defense stocks such as Data Patterns, MTAR Technologies, Paras Defense, Astra Microwave, Dynamatic Technologies, Taneja Aerospace, etc would likely emerge as key beneficiaries.