Shares of Bharat Dynamics rose nearly 8 per cent today after the state-owned defence company inked a contract worth Rs 2,971 crore with the defence ministry. Bharat Dynamics stock has gained 12.58 per cent in the last three days. The stock opened with a gain of 3.35 per cent at Rs 810 on BSE. It touched an intraday high of Rs 844, rising 7.69 per cent against the previous close of Rs 783.75 on BSE.
Bharat Dynamics is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Market cap of the firm rose to Rs 15,328 crore. The midcap stock has gained 126 per cent in one year and risen 113 per cent since the beginning of this year.
Total 1.74 lakh shares of the firm changed hands amounting to a turnover of Rs 14.49 crore on BSE. The stock hit its 52-week high of Rs 904.95 on April 19 this year and fell to a 52-week low of Rs 341 on June 21, 2021.
The contract has been inked for the supply of ASTRA MK-I Beyond Visual Range air-to-air missile and associate'sThe market equipment to the Indian Air Force & Indian Navy.
The Astra MK-I BVR AAM has been indigenously designed and developed by the Defence Research and Development Organisation (DRDO) based on the requirements issued by the IAF.
The air-to-air missile with BVR capability provides large stand-off ranges to the IAF's fighter jets.
The Astra MK-I missile and all associated systems for its launch, ground handling and testing have been developed by the DRDO in coordination with the IAF.
"In a major boost to Prime Minister Narendra Modi's vision of 'Aatmanirbhar Bharat', the Ministry of Defence on May 31 signed a contract with Bharat Dynamics Limited (BDL) for the supply of Astra MK-I BVR air-to-air missile (AAM) and associated equipment for the Indian Air Force and the Indian Navy at a cost of Rs 2,971 crore under Buy (Indian-IDDM) category," the ministry said.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today