The announcement was made during amrket hours today, 24 August 2015.

Meanwhile, the BSE Sensex was down 954.98 points, or 3.49%, to 26,412.88.

On BSE, so far 85,753 shares were traded in the counter, compared with an average volume of 93,164 shares in the past one quarter.

The stock hit a high of Rs 118.70 and a low of Rs 102 so far during the day. The stock hit a 52-week high of Rs 165.90 on 13 April 2015. The stock hit a 52-week low of Rs 100 on 16 June 2015.

The stock had underperformed the market over the past one month till 21 August 2015, dropping 10.43% compared with 2.9% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 6.04% as against Sensex's 1.59% decline.

The small-cap company has an equity capital of Rs 16.37 crore. Face value per share is Rs 2.

Astra Microwave Products said formation of joint venture company (JVC) with an Israeli company, Rafael Advanced Defence Systems, is for joint production and supply of tactical radio communication systems, electronic war-fare systems and signal intelligence systems. The JVC will operate from Hyderabad and is expected to start business development activities in the first half of 2016. About $20 million is expected to be invested in the first two years in the JVC. To start with, Astra Microwave Products' and Rafael will own 51:49, stake respectively in the JVC and will become 50:50 subject to regulatory approvals.

Astra Microwave Products' net profit dropped 74.3% to Rs 4.90 crore on 47.5% decline in total income to Rs 100.03 crore in Q1 June 2015 over Q1 June 2014.

Astra Microwave Products develops, manufactures, and distributes wireless communication solutions. The company offers products in the areas of telecommunications, defense, and space, and the product line includes amplifiers, base stations, dish antennas, filters, microwave components, and switching equipment.