Shares of Bharat Dynamics Ltd (BDL) soared over 8% on January 16, reaching an intraday high of ₹1,227.9, after the company secured a significant ₹2,960 crore contract from the Ministry of Defence.
BDL said in an exchange filing that the contract is for the supply of Medium-Range Surface-to-Air Missiles (MRSAM) for the Indian Navy. The contract was inked in New Delhi in the presence of Defence Secretary Rajesh Kumar Singh.
The Ministry of Defence highlighted the ‘Aatmanbhar Bharat’ initiative and said the missiles would be procured under the “Buy (Indian)” category with a high level of indigenous content. The contract is likely to create employment of approximately 3.5 lakh man-days across the defence sector, including contributions by various MSMEs.
“This contract is a major boost to India’s defence self-reliance and military preparedness, with state-of-the-art indigenous technology,” the ministry said. In a related development, Bharat Dynamics said the Defence Ministry has approved the appointment of DV Srinivas as Director (Technical) on the board of the company. Srinivas joined on September 20, 2024.
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Source: Moneycontrol
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