Bharat Forge shares up nearly 5% as JV firm bags $100 mn contract from Indian Army and Airforce

New Delhi: Shares of Bharat Forge on Thursday surged nearly 5 percent after it said its joint venture firm Kalyani Rafael Advanced Systems has bagged a $100 million (Rs 684 crore) contract for manufacturing missile kits for Indian Army and Airforce.

The scrip rose 4.76 percent to close at Rs 464.30 on the BSE. During the day, it surged 5.11 percent to Rs 465.85.

On the NSE, the shares ended at Rs 462.60 with a gain of 4.38 percent.

 Bharat Forge shares up nearly 5% as JV firm bags 0 mn contract from Indian Army and Airforce

Representative image. Reuters

In terms of traded volume, 1.31 lakh shares were traded on the BSE, while over 21 lakh shares changed hands on the NSE during the day.

Bharat Forge on Thursday said Kalyani Rafael Advanced Systems (KRAS) has bagged a $100 million (Rs 684 crore) contract from Israel's Rafael Advanced Defence Systems for manufacturing 1,000 BARAK-8 MRSAM missiles' kits for the Indian Army and Air Force.

KRAS is a 49:51 ratio joint venture between RAFAEL Advanced Systems and Kalyani Strategic Systems (KSSL), with the Indian partner holding 51 percent.

KSSL is a 51 percent subsidiary of Bharat Forge Limited.

"Keeping with its commitment to 'Make-in-India', the JV partners have invested in best in class production facilities, state of the art engineering services, and extended life cycle support (MRO) for systems supplied to Indian defence force," Bharat Forge said in a regulatory filing.

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Updated Date: Jul 11, 2019 20:31:47 IST