Yesterday

evening, Defence Minister, Rajnath Singh released the third list of 101 major pieces of defence equipment that the Ministry of Defence (MoD) will no longer clear for import. Instead, these 101 items will be incrementally procured from indigenous sources in accordance with the provisions of Defence Acquisition Procedure (DAP) 2020.

These weapons and platforms will be incrementally banned for import, with some items embargoed from December 2022, and additional items added each December until 2027.

Following this, Bharat Dynamics Ltd (BDL) stayed rooted among the top five gainers on the BSE, rising from its close of yesterday at Rs.620;50 to go on and hit a new 52-week high at Rs.738.70. There is a 6-times jump in volumes.

The reason for the new high is also the MoU signed with Tawazun Economic Council (TEC), which manages procurement, technical, contractual aspects for the UAE armed forces.

The MoU is for exploring new business opportunities in various areas of mutual interest in the field of defence.

Its order backlog currently stands at Rs.114 billion which is over 4-times the revenue of FY22.