Bharat Dynamics share price hit a fresh 52-week high of Rs 535.70, rallying 10 per cent Thursday, after the company signed a contract worth Rs 3,131.82 crore with the Indian Army. The stock has risen over 66 per cent from its 52-week low of Rs 321.50, touched in April last year. Bharat Dynamics stock has given a technical breakout on the news of its contract with the Indian army. Analysts foresee a further 27 per cent rally from the previous close. “At current juncture, all technical setups like RSI, MACD and long term MAs 100 and 200 days are supporting the momentum of the stock for the target of 600 levels in near term,” Ravi Singh, VP & Head of Research, Share India Securities, told Financial Express Online.
In the traded volume terms, 1.40 lakh shares have traded on BSE, while a total of 26.07 lakh shares exchanged hands on NSE so far in the day. Having recently won the contract from the Indian army for the supply of Konkurs missiles, Bharat Dynamics order book looks strong leading to a strong uptrend in the stock price, an analyst said. “Technically, the stock price has already moved up significantly and investors are advised to book profits at current levels. The Rs 492 level remains immediate and strong support,” Pavitraa Shetty, Co-founder & Trainer, Tips2Trades, told Financial Express Online.
The order book position of Bharat Dynamics stood at Rs 11,400 crore (net) including the Konkurs-M contract signed on Wednesday. The company has augmented its manufacturing capacity to meet the domestic as well as overseas demand for Konkurs – M. As a part of its global outreach, BDL is also offering Man Portable Anti-Tank Guided Missiles, Nag, Milan-2T and Amogha, in addition to Konkurs – M, for exports.
A meeting of the board of directors will be held on February 14 to consider and approve unaudited financial results for the quarter and nine months ended December 31. The board will also consider declaration of interim dividend for the financial year 2021-22, if any.
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