Bharat Dynamics surges 4 per cent after receiving a large order from the Ministry of Defence
The company has received an order worth Rs 2971 crore.
The midcap S&P BSE 500 defence stock Bharat Dynamics Ltd (BDL) has been buzzing on the Dalal Street as the scrip is flying just like its missiles. The scrip has risen over 4 per cent from its previous day’s close of 783.75. As of 2:40 pm today, the stock is trading at Rs 815.05, while it created a day’s high of Rs 844 (+7.6 per cent).
The strong rally was witnessed as BDL announced an order win from the Ministry of Defence amounting to Rs 2,971 crore for the supply of ASTRA MK-I Beyond Visual Range (BVR) Air to Air Missile and associates equipment to the Indian Air Force & Indian Navy. This order is quite significant for the company as the revenues for FY22 were around Rs 2,817 crore.
The company has performed exceptionally well in fiscal 2022. It witnessed a jump of 47 per cent in revenues over FY21. The company clocked a net profit of Rs 500 crore in FY22 against Rs 258 in the previous year, which reflects a high growth of 94 per cent. The order book of the company stood at Rs 10,170 crore as of April 1, 2022, which is expected to be executed in the next 2-3 years. It is also gaining traction in exports of AKASH to friendly foreign nations.
The scrip has a 52-week high and low of Rs 904.95 and Rs 341, respectively.