Defence forging company participates in contract negotiation process for Advanced Towed Artillery Gun System (ATAGS) with Ministry of Defence, Government of India
The stock is up by 28.2 per cent from its 52-week low of Rs 1,056.70 per share.
Bharat Forge Limited, a prominent player in the Indian defence sector, is currently engaged in critical contract negotiations with the Ministry of Defence (MoD) for the procurement of the Advanced Towed Artillery Gun System (ATAGS). This state-of-the-art artillery system, designed and developed indigenously, is poised to significantly enhance the Indian Army's firepower and strategic capabilities. The MoD's Acceptance of Necessity (AoN) in March 2023 marked a crucial milestone, signalling the government's commitment to modernizing the country's defence arsenal.
As the contract negotiation process progresses, Bharat Forge remains optimistic about a positive outcome. The company is confident in its ability to deliver a world-class product that meets the exacting standards of the Indian Armed Forces. The successful conclusion of these negotiations would not only strengthen India's defence capabilities but also underscore Bharat Forge's role as a key contributor to the nation's self-reliance in defence manufacturing. The company is expected to provide an update to the stock exchange upon the finalization of the contract, which is anticipated to occur before the end of the current financial year.
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About the Company
Bharat Forge Limited (BFL), a Pune-based Indian multinational, is a technology driven global leader in providing high performance, innovative safety critical components and solutions for several sectors including automotive, power, oil and gas, construction & mining, rail, marine, defense and aerospace. BFL has presence across 18 manufacturing locations in five countries with the largest repository of metallurgical knowledge and offers full-service supply capability to its geographically dispersed marquee customers from concept to product design, engineering, manufacturing, testing and validation.
The company has a market cap of Rs 61,574 crore and has been maintaining a healthy dividend payout of 34.7 per cent. The stock is up by 28.2 per cent from its 52-week low of Rs 1,056.70 per share. Investors should keep an eye on this this defence forging stock.
Disclaimer: The article is for informational purposes only and not investment advice.