Bharat Dynamics Edges Higher After Signing Rs 499 Crore Contract With Defence Ministry

Shares of Bharat Dynamics settled 2.25 per cent higher at Rs 381.10 apiece on the BSE.

Share price of Bharat Dynamics Limited edged higher by more than two per cent on Friday, July 9, a day after the company signed a contract with the Ministry of Defence for the supply of missiles. On Friday, Bharat Dynamics opened on the BSE at Rs 385.10, swinging to an intra day high of Rs 399 and an intra day low of Rs 377.50, throughout the trading session today.

Bharat Dynamics signed a contract worth around Rs 499 crore with the Ministry of Defence for manufacturing and supply of Akash Missiles to the Indian Air Force, according to a regulatory exchange by the firm to the stock exchanges.

The company also won new orders worth about Rs. 2,803 crore (including taxes) during the financial year 2020-21, which includes anti-tank guided missiles order worth around Rs.1,820 crore and surface to air missiles order worth around Rs.793 crore.

Established in 1970, Bharat Dynamics is one of the manufacturers of missile systems and ammunitions in the country. It is headquartered in Telangana and is the nodal agency for the production of missiles developed by India. The company is the prime production agency for projects under India’s Integrated Guided Missile Development Programme or IGMDP.

Bharat Dynamics also manufactures Anti-Tank Guided Missiles, air to air missiles, launchers, underwater weapons, anti-tank guided missiles, test equipment, among others.

On the NSE, Bharat Dynamics opened at Rs 385, inching to an intra day high of Rs 399 and an intra day low of Rs 378.10, during the session today. It settled at 1.65 per cent higher at Rs 378.50 on the NSE. 

Shares of Bharat Dynamics settled 2.25 per cent higher at Rs 381.10 apiece on the BSE.