Shares of Bharat Dynamics (BDL) jumped as much as seven percent to its day's high of Rs 399 on BSE on Friday after the firm signed a contract worth about Rs 499 crore with the Ministry of Defence to manufacture and supply Akash Missiles to the Indian Air Force.
BDL is a production agency for projects under India’s Integrated Guided Missile Development Programme (IGMDP). Akash is one of the missiles under IGMDP being manufactured by BDL, both for the Indian Army and the Indian Air Force.
The Company also manufactures Anti-Tank Guided Missiles, Air to Air Missiles, Air to Surface Weapons, Launchers, Test Equipment, Underwater weapons, and Counter Measure Systems.
"With the announcement from the Union Cabinet regarding clearance of Akash Weapon System for Export, the Company is exploring to offer Akash for export to foreign countries. BDL has already received export leads from some countries expressing interest in procuring the Missile. The Company has a well-established infrastructure and expertise to execute these orders and meet the customer delivery schedule," CMD, BDL Commodore Siddharth Mishra (Retd) stated.
The company further informed that it has bagged new orders worth about Rs 2,803 crore (including taxes) during the FY 2020-21 which includes Anti-Tank Guided Missiles order worth about Rs 1,820 crore and Surface to Air Missiles order worth about Rs 793 crore.
With the present contract signed for the supply of Akash to the Indian Air Force, the order book position now stands at about Rs 8,683 crore, BDL stated.