Bharat Dynamics: Defence PSU to consider interim dividend, shares record date

Bharat Dynamics Ltd on Monday said its board of directors would meet on Friday, March 15 to consider payment of interim dividend for the financial year 2023-24. the defence company said it has fixed Tuesday, March 26 as the “record date" for the purpose of payment of interim dividend on shares, if declared by the board.

"We further wish to inform that in pursuance to SEBI (Prohibition of Insider Trading) Regulations 2015 the Trading Window for dealing in the securities of the Company shall remain closed for all Insiders including Designated Persons and their immediate relatives from 01 March 2024 till 48 hours after the announcement of decision of Board of Directors regarding payment of interim dividend, if any, is made public on 15th March 2024," Bharat Dynamics said.

Following the development, shares of Bharat Dynamics were trading at Rs 1,828, down 0.85 per cent. ICICI Securities in a note today suggested a buy rating on Bharat Dynamics with a a target price of Rs 2,015 apiece.

The domestic brokerage said that despite it being a pre-election year, the defence sector has seen record number of AoNs and impressive order inflow for many PSUs.  In particular, BEL received orders worth over Rs 30,000 crore thus far, highest among defence PSUs. Mazagon Dock Shipbuilders Ltd has also reported order inflow of Rs 7,000 crore (highest in the past 7-8 years).

"Among other coverage companies, Bharat Dynamics, Midhani and Astra Microwave have reported order inflows of Rs 1700 crore, Rs 1350 crore and Rs 600 crore, respectively, so far in FY24. With receipt of RD-33 engines order, HAL has received its first major order for FY24. Going ahead, we expect orders for MRSAM for IN (beneficiary: BDL), ALF31P engines for Su-30 MK-I (beneficiary: HAL) and Pinaka Rockets (beneficiaries: Solar Industries and MIL) in Mar’24 before ‘Model Code of Conduct’ is applied ahead of the elections in India," it said.