The shares of Bharat Dynamics opened 15% higher to touch an intraday high of Rs 349 on BSE on the back of strong Q4 performance.
On Monday, after market hours, the manufacturer of defence equipment reported a 149.5% jump in its net profit to Rs 309.72 crore for the March ended quarter, on the back of a 57.17% rise in total income to Rs 1,467.75 crore.
Earlier this year, the government decided to divest 15% stake in Bharat Dynamics via offer for sale (OFS) out of its shareholding of 87.75%.
The company’s board proposed a dividend of Rs 2.55 per share for the year ended 31 March 2020.
The COVID-19 pandemic, which is globally inflicting high economic and human costs causing slow down of economic activity, did not have any significant impact on the sales and operations of the company for the financial year 2019-20.
Bharat Dynamics offers ammunitions, counter measures dispensing, infra red interference indicators, and missile systems to military and aerospace industries in India.
The state-owned company is engaged in the manufacturing 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.
Additionally, it is engaged in the business of refurbishment and life extension of missiles manufactured. It is also the co-development partner with the DRDO for the next generation of ATGMs and SAMs.
It recently entered into a large scale manufacturing of the ventilators developed by Nocca Robotics, an incubated start-up of IIT Kanpur.
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