Bharat Dynamics receives Rs. 9,100 crore defence order

The Defence Acquisition Council (DAC) approved procurement order worth Rs. 9,100 crore for inducting two regiments of Akash Missiles from the company.

The order consists of two regiments of advanced Akash Weapon System procured under the 'Buy Indian' category. This upgraded version will house seeker technology and have 360-degree coverage with a compact configuration. The procurement council also approved the design and development of Individual Under Water Breathing Apparatus (IUWBA) and Guided Weapons System for T 90 Tanks.

Bharat Dynamics is a newly listed defence PSU. The shares of the company fell 16 per cent on stock market debut as against its IPO price band fixed at Rs. 413-428 per share. The company is headquartered in Hyderabad. It is engaged in the manufacture of missiles, underwater weapons, countermeasures and other defence equipment.

The stock of Bharat Dynamics reacted positively to the news and was up more than 5 per cent during intraday trade on Tuesday. At 14:12, the stock of Bharat Dynamics Limited was quoting Rs. 358.00 per share, up by 4.49 per cent. The stock hit an intraday high of Rs. 378.00 per share. The benchmark index BSE Sensex was at 37,533.82, down by 51 points or 0.13 per cent.