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Bharat Dynamics edges higher after signing a contract with Defence Ministry

The share price of Bharat Dynamics Limited edged higher by more than two percent on Friday, July 9, a day after the company signed a contract with the Ministry of Defence for the supply of missiles.

On Friday, Bharat Dynamics opened on the BSE at? 385.10, swinging to an intraday high of? 399 and an intraday low of? 377.50, throughout the trading session today.

Bharat Dynamics signed a contract worth around? 499 crore with the Ministry of Defence for manufacturing and supply of Akash Missiles to the Indian Air Force, according to a regulatory exchange by the firm to the stock exchanges.

The company also won new orders worth about? 2,803 crore (including taxes) during the financial year 2020-21, which includes an anti-tank guided missiles order worth around Rs.1,820 crore and a surface to air missiles order worth around Rs.793 crore.

Established in 1970, Bharat Dynamics is one of the manufacturers of missile systems and ammunitions in the country. It is headquartered in Telangana and is the nodal agency for the production of missiles developed by India.

The company is the prime production agency for projects under India’s Integrated Guided Missile Development Programme or IGMDP.