Bharat Dynamics rises 7%

Bharat Dynamics is a strong gainer today morning. It rose 7% to hit an intraday high at Rs.399. Its 20% UC of the day is at Rs.447.20.

The stock price rose on news that it has signed a contract today worth about Rs.499 crore with Ministry of Defence for manufacture and supply of Akash Missiles to the Indian Air Force.

The company is supplying Akash Missiles to Indian Army and Indian Air Force. With the announcement from the Union Cabinet regarding clearance of Akash Weapon System for Export, the company is exploring to offer Akash for export to foreign countries.

The company has already received export leads from some countries expressing interest in procuring the Missile. The company said that it has a well-established infrastructure and expertise to execute these orders and meet the customer delivery schedule.