PSU stock Bharat Dynamics share price gains 3% on ₹4,362 crore order win from Ministry of Defence | Stock Market News
Source: Live Mint
Bharat Dynamics share price increased by 3% on Wednesday following the Miniratna defense PSU securing a contract valued at ₹4,362.23 crore for supplying armaments to the Indian Armed Forces from the Ministry of Defence. The company has not provided any additional information regarding the order due to national security considerations.
“We wish to inform that today BDL has signed a contract worth ₹4,362.23 Crore with Ministry of Defence for supply of armaments to Indian Armed forces,” said the company in an exchange filing.
In January, the Defence Ministry announced that it had finalized an agreement with a state-owned company to purchase medium-range surface-to-air missiles (MRSAM) for the Indian Navy at a price of ₹2,960 crore. The contract was signed in the presence of Defence Secretary Rajesh Kumar Singh.
Bharat Dynamics’ results for the December quarter showed significant year-on-year improvements across most metrics. Revenue for this period rose by 38% compared to the previous year, reaching ₹832 crore, while it was ₹602 crore in the same quarter last year. Additionally, the company’s net profit grew by 9% in comparison to the same period last year, amounting to ₹147 crore.
Bharat Dynamics share price today
Bharat Dynamics share price today opened at ₹1,316.95 apiece on the BSE, the stock touched an intraday high of ₹1,358.35 per share and an intraday low of ₹1,304.45.
According to Anshul Jain, Head of Research at Lakshmishree Investment and Securities, after a sharp 50% correction from its all-time high, Bharat Dynamics share price has been trading in a broad range of 921-1340. The stock recently bounced from the lower end of the range and tested the upper resistance zone.
“Given this technical setup, profit booking from current levels is expected, potentially dragging the stock toward the support level of 1200. Traders should watch for signs of consolidation or a breakout before taking fresh positions,” said Jain.
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