Bharat Dynamics soars 16% on robust December quarter results
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Shares of Bharat Dynamics soared 16 per cent to Rs 263 apiece on the BSE in an otherwise weak market after the company reported a robust net profit of Rs 188 crore in December 2018 quarter (Q3FY19). The state-owned defence company had a profit of Rs 6.18 crore in the year-ago quarter.
The company’s operational revenue during the quarter under review grew 26 per cent to Rs 1,038 crore against Rs 822 crore in the corresponding quarter of previous fiscal.
On January 8, 2019, Bharat Dynamics had signed a contract worth of Rs 760 crore approximately with the Indian Army for production and supply of Anti-Tank Guided Missiles (ATGM) and Launchers.
Bharat Dynamics is one of the leading defence PSUs in India engaged in the manufacture of Surface to Air missiles (SAMs) Anti-Tank Guided Missiles (ATGMs) underwater weapons launchers countermeasures and test equipment. It is the sole manufacturer in India for SAMs torpedoes ATGMs. It is also the sole supplier of SAMs and ATGMs to the Indian armed forces.
Bharat Dynamics, which made a stock market debut on March 23, 2018, was trading 38 per cent lower against issue price of Rs 428 on the BSE. It touched a 52-week low of Rs 224 on Thursday, February 14, 2019, in intra-day trade.
At 10:53 am; Bharat Dynamics was trading 14 per cent higher at Rs 257 on the BSE. The trading volumes on the counter jumped seven-fold with a combined 290,077 equity shares changed hands on the NSE and BSE so far.
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