Bharat Dynamics at new high

Bharat Dynamics hit a new 52-week high at Rs.421.90, up 4.5% and remains strongly in the green zone.

The stock is up on news that it has signed  a Licensing Agreement with Defence Researh Development Organisation (DROO) for ASTRA MK-1 Weapon System. A limited scale of production will commence shortly, on suitable arrangements from DRDO.

The stock got listed less than a month ago at Rs.370 v/s IPO price of Rs.428.  Even at a high, the price remains lower than the IPO price.