Indian Air Force: India’s state owned missile manufacturer Bharat Dynamics Limited (BDL) has been awarded a $40 million (Rs 293 crore) contract for supplying medium range surface to air missile (MRSAM) parts for the Indian Air Force (IAF) deliverables, the stock exchange was informed on Wednesday.
The BDL informed the stock exchange that it would complete the order over the next two years.
State owned Bharat Dynamics Limited designs and manufactures guided weapon systems including Milan-2T, Invar ATGM, Konkurs-M, Akash Missiles, Advanced Lightweight Torpedo, Torpedo Counter Measure Systems, Counter Measures Dispensing System, and Infrared Interference Indicators among other things.
Bharat Dynamics’ shares gain
Following the news, shares of BDL rose by 2.22% at the Bombay Stock Exchange (BSE).
In a press release issued last month, the BDL has informed that the company’s turnover of Rs 3,095cr for the financial year ended on March 31, 2020 as per the provisional and unaudited records. Its turnover in the FY 2018-19 was Rs 3,069 crores.
The order book of the company on April 1, 2020, stood at Rs 7,413 crores (Provisional and Unaudited), which included the order for supplying 7 squadrons of Akash missiles in a contract valued at Rs 1,700 crores received during the quarter ended March 31, 2020.
The BDL is also one of those defence PSUs that are playing a critical role in the country’s fight against the novel coronavirus. Earlier this week, BDL signed a MoU with IIT Kanpur for production of affordable ventilators.