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Last Updated : Jul 11, 2019 12:40 PM IST | Source: Moneycontrol.com

Bharat Forge gains 3% as subsidiary gets $100m order to supply Barak-8 missile kits

KRAS is a 49:51 ratio joint venture between Rafael Advanced Systems and Kalyani Strategic Systems (KSSL), with the Indian partner holding 51 percent.

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Shares of forging and defence company Bharat Forge gained nearly 3 percent intraday on July 11 on bagging order to supply Barak-8 MRSAM missiles' kits.

"Rafael Executive Vice President & General Manager of the Air & Missile Defense Systems Division, Pini Yungman, presented to Kalyani Rafael Advanced Systems Ltd, India (KRAS) a $100 million contract for manufacturing 1,000 BARAK-8 MRSAM missiles' kits which in turn would be supplied to BDL for further integration," company said in its BSE filing.

KRAS is a 49:51 ratio joint venture between Rafael Advanced Systems and Kalyani Strategic Systems (KSSL), with the Indian partner holding 51 percent. KSSL is a 51 percent subsidiary of Bharat Forge Limited.

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"KRAS is expected to ramp up its employee strength to 300 technical experts by the year 2023," Bharat Forge said.

The stock was quoting at Rs 455.00, up Rs 11.80, or 2.66 percent on the BSE at 1212 hours IST.
First Published on Jul 11, 2019 12:40 pm
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