This Kotak Mahindra-Backed Stock Is Rising On Defence Contract

Shares of Bharat Forge shot up nearly 3% on Monday after its unit won a large contract from India’s defence ministry.

What Happened: Kalyani Rafael Advanced Systems Private, a joint venture formed by Kalyani Strategic Systems and Israel’s Rafael Advanced Systems, has clinched a contract from the Indian Ministry of Defence.

See Also: Challenges Continue For Go First: Flight Cancellations Extended To August 31

The order, totaling ₹287.51 crore, has been awarded for the supply of missile systems and is slated to be fulfilled over the coming twelve months.

Price Action: Bharat Forge’s share price went up 2.29% to ₹1,046.10 in afternoon trade on Monday.

Read Next: Microsoft President Has Only Praise For India’s New Data Bill

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesWIIMMarketsBharat Forge