Bharat Dynamics shares jump after company signs Rs 499-crore contract with IAF for Akash Missiles

Bharat Dynamics | The company has signed a contract worth about Rs 499 crore with Ministry of Defence for manufacture and supply of Akash Missiles to the Indian Air Force.

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Bharat Dynamics share price gained 4 percent in the morning session on July 9 after the company signed contract for supply of Akash Missile to Indian Air Force.

Bharat Dynamics (BDL), in an exchange filing, said it has signed a contract worth about Rs 499 crore with the Ministry of Defence for the manufacture and supply of Akash Missiles to the Indian Air Force (IAF).

BDL has already received export leads from some countries expressing interest in procuring the Missile. The company is the prime production agency for projects under India’s Integrated Guided Missile Development Programme (IGMDP).

The stock was trading at Rs 385.10, up Rs 12.40, or 3.33 percent. It touched an intraday high of Rs 399.00 and an intraday low of Rs 384.05.

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The scrip also witnessed a spurt in volume by more than 4.13 times and was trading with volumes of 84,220 shares, compared to its five day average of 26,441 shares, an increase of 218.52 percent.

Bharat Dynamics also manufactures anti-tank guided missiles, air to air missiles, air to surface weapons, launchers, test equipment, underwater weapons and counter measure systems, the filing said.

"The Company has bagged new orders worth about Rs 2803 crore during the FY 2020-21 which includes anti-tank guided missiles order worth about Rs 1,820 crore and surface to air missiles order worth about Rs 793 crore. With the present contract signed for supply of Akash to Indian Air Force, the order book position now stands at about Rs 8683 crore," Bharat Dynamics added.