Shares of Bharat Dynamics Ltd. jumped 5% on BSE after the state-run missile maker signed a ₹2,971 crore contract with the Ministry of Defence for supply of air-to-air missile systems.
The stock rose 5.10% or 38 points on Tuesday to close at ₹783.75 on BSE.
As part of the deal, Bharat Dynamics will supply ASTRA MK-I Beyond Visual Range (BVR) air-to-air missile (AAM) and associated equipment to the Indian Air Force and Indian Navy.
ASTRA MK-I BVR AAM has been indigenously designed and developed by the Defence Research and Development Organisation (DRDO) based on the staff requirements issued by the Indian Air Force (IAF) catering for Beyond Visual Range as well as Close Combat Engagement reducing the dependency on foreign sources.
Till now, the technology to manufacture missile of this class indigenously was not available, the Ministry of Defence says in a statement.
Air-to-air missile with beyond visual range capability provides large standoff ranges to own fighter aircraft which can neutralise the adversary aircraft without exposing itself to adversary air defence measures, thereby gaining and sustaining superiority of the air space, it says, adding that this missile is technologically and economically superior to many such imported missile systems.
“ASTRA MK-I missile and all associated systems for its launch, ground handling & testing has been developed by DRDO in coordination with the IAF. The missile, for which successful trials have already been undertaken by the IAF, is fully integrated on the Su 30 MK-I fighter aircraft & will be integrated with other fighter aircraft in a phased manner, including the Light Combat Aircraft (Tejas). The Indian Navy will integrate the missile on the MiG 29K fighter aircraft,” the ministry says.
The transfer of technology from DRDO to Bharat Dynamics for production of ASTRA MK-I missile and all associated systems has been completed and production at Bharat Dynamics is currently in progress.
“This project will act as a catalyst for development of Infrastructure and Testing facilities at BDL. It will also create opportunities for several MSMEs in aerospace technology for a period of at least 25 years. The project essentially embodies the spirit of ‘Aatmanirbhar Bharat’ and will help facilitate realising the country’s journey towards self-reliance in air-to-air missiles,” it adds.
