New Delhi [India], June 18 (ANI): In line with India's special focus and thrust towards ramping up domestic defence manufacturing, shares of ammunition and missile maker Bharat Dynamics have more than doubled so far in 2022.
Headquartered in Hyderabad, Bharat Dynamics was incorporated in 1970 as a Public Sector Undertaking under the Ministry of Defence to be the manufacturing base for guided missile systems and allied equipment for the armed forces.
Notably, the defence manufacturer accumulated healthy 108 per cent returns for its investors in 2022.
Even though the domestic equity indices took a sharp plunge, majorly in the past one month due to inflationary concerns and its subsequent monetary policy actions by the central bank Reserve Bank of India, Bharat Dynamics' shares managed to sail through despite the headwinds.
Defence Acquisition Council (DAC), headed by Rajnath Singh, earlier this month cleared capital acquisition proposals worth Rs 76,390 crore for the armed forces.
It is believed that this fresh acquisition will provide a substantial boost to the Indian defence manufacturing industry, including Bharat Dynamics, and reduce foreign spending significantly.
Separately, the company recently signed a contract worth Rs 2,971 crore with Ministry of Defence for supply of ASTRA MK-I Beyond Visual Range (BVR) Air to Air Missile and associates equipments to Indian Air Force and Indian Navy. This too has likely given a buoyancy to the company's share prices. (ANI)