Defence procurement, pipeline offer strong growth for Bharat Dynamics.

The stock of Bharat Dynamics, the public sector defence firm, has gained more than 14 per cent in five trading sessions as brokerages reiterate buy ratings on expectations of government procurement, strong order book, growth in exports and stable operating profit margins.
The trigger is news that the state’s Defence Acquisition Council has approved 24 capital acquisition proposals worth Rs 84,300 crore and including a missile system for the Indian Air Force. Amit Dixit of ICICI Securities and other analysts say that specifics for contracts, timeline or category-wise break up is not available, but they expect Bharat Dynamics to benefit the most (for missile systems) among listed firms. ICICI Securities believes that the proposals do not have a long gestation period and their execution might be quick.
The company has entered air-to-surface missile systems, a new segment with a market size of $6 billion. Bharat Dynamics will make the smart anti-airfield weapon (HELINA) and the anti-radiation missile Rudram as part of India’s indigenisation of defence manufacturing.

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