The order is supposed to be executed over a period of three years.
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Shares of Bharat Forge Ltd. hit a 52-week high on Wednesday after the company's unit won an export order.
The company's wholly-owned subsidiary, Kalyani Strategic Systems Ltd. won an export order for a 155 mm Artillery Gun Platform from a non-conflict zone. The order is valued at $155.5 million and is supposed to be executed over a three-year time frame.
The defence ministry has set timelines for a staggered import ban from December 2023 to December 2028 as the government wants to reduce dependence on imported military platforms and support domestic defence manufacturing, and export the same as well.
In financial year 2022, Bharat Forge successfully produced and shipped the Kalyani M4 armored vehicle to the Indian Army for the UN Peacekeeping mission. The company's ATAGS successfully completed its final revalidation trial.
Bharat Forge is consolidating its Defence and Aerospace business under Kalyani Strategic Systems. It aims to utilise the combined competencies to better target export opportunities within the defence space.
Bharat Forge has been in focus last week after Class 8 truck orders in North America remained above the 40,000 mark for the second straight month, registering an increase of 75 percent year-on-year for October.
Shares of Bharat Forge are trading 1 percent higher at a 52-week high of Rs 884.1.
First Published: IST