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Bharat Dynamics hits new high, stock up 27% in 3 weeks ahead of Budget

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3 years ago

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Bharat Dynamics hits new high, stock up 27% in 3 weeks ahead of Budget

Shares of Bharat Dynamics (BDL) hit a new high of Rs 507.80, up 5% on the BSE in intraday trade on Monday before the budget. Shares in state-owned defense companies have risen 27% in the past three weeks, while the S&P BSE Sensex has lost 4%.

At 09:48 am; BDL was trading 3% higher at Rs 501, while the benchmark index rose 1.4%. A total of 232,000 shares changed hands over the counters of the NSE and BSE.

BDL is an Anti-Tank Missile (ATGM) company that has been involved in underwater weapon systems and air-to-air missiles and related equipment. It is India’s only supplier of surface-to-air missiles, torpedoes and anti-tank missiles. It is the primary integrator of the Army’s Akash weapons systems. BDL has also designed and developed the Countermeasures Distribution System (CMDS) for the Indian Armed Forces (IAF).

The company said that as of December 1, 2021, the total BDL order book was Rs 9,293 crore, with key new orders in the pipeline worth Rs 1,500 crore. On December 2, the company signed a contract with the Indian Army for the refurbishment of IGLA-1M missiles worth Rs 471.41 crore.

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BDL is the perfect proxy for pre-budget PSU themes. The stock produced a multi-year breakout on the back of rising volume, signaling the start of a new bull market phase. As a result, ICICI Securities said in its budget top picks that it offers new entry opportunities to ride the next long-term rally.

BDL has been working with DRDOs and foreign original equipment manufacturers (OEMs) to manufacture and supply a wide range of missiles and allied equipment to the Indian Armed Forces. The brokerage said the company has a strong opportunity to expand its order book to Rs 23,000-25,000 crore in the next two to three years.

In FY21, BDL achieved revenue of Rs 1,914 crore at the same run rate. Revenue visibility is about four years. With DAC approved platforms including SAM (Akash) and ATGM (Astra), the increase in orders is very evident with a target price of Rs 548 on the stock.

Complete News Source : Business Standard

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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2 days ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election

Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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