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.

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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.

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