Bharat Dynamics gains after cabinet OKs Akash missile exports

Bharat Dynamics rose 1.53% to Rs 344.30 after the company said that it is geared up to take up export orders for Akash Missile.

With the announcement from the Union Cabinet regarding clearance of Akash Weapon System for export, Bharat Dynamics (BDL), the manufacturer of Akash Missile, is geared up to take up export order.

Given the export potential and demand of Akash in the international market, BDL has been promoting the product at various forums including national and international exhibitions The missile being offered for exports will be of a different version. BDL is already supplying Torpedoes to a foreign country, it added.

The Akash Weapon System, designed and developed by DRDO with 96% indigenous content, is being manufactured by BDL at its Hyderabad Unit with a large number of supply chain partners which include DPSUs, MSMEs and private industry.

BDL manufactured Akash Missiles are already in the inventory of the Indian Army as well as Indian Air Force and the successful test firing results reaffirm the Company's commitment to achieve the highest quality standards about product and support to its customers.

Commodore Siddharth Mishra (Retd), CMD, BDL, stated: "The company has received export leads for the Akash Weapon System. Now, with the export clearance accorded by the Government of India, BDL is set to expand its customer base in the international market. The company is confident of meeting the export demand in addition to meeting requirements of the Indian Armed Forces, as BDL has adequate established production facilities."

Bharat Dynamics manufactures defense equipment. The company offers ammunitions, counter measures dispensing, infra red interference indicators, and missile systems. It serves military and aerospace industries in India. As of 30 September 2020, the Government of India held 74.93% stake in the company.

The company's standalone net profit tanked 75.3% to Rs 26.25 crore on 62.6% slump in net sales to Rs 240.03 crore in Q2 September 2020 over Q2 September 2019.

Powered by Capital Market - Live News