Stock Report

BDL and UAE firm exchange MoU to explore new business opportunities

Posted On : 2022-03-31 15:23:44( TIMEZONE : IST )

Bharat Dynamics Limited (BDL) and Tawazun Economic Council (TEC), United Arab Emirates have exchanged Memorandum of Understanding (MoU) to explore new business opportunities in various areas of mutual interest in the field of defence.

The MoU was exchanged in the presence of Commodore Siddharth Mishra (Retd), CMD, BDL by Mr. NP Diwakar BDL Director Technical and Mr. Zayed Saeed Zaal Hadher Almeraikhi, Chief Officer, Tawazun Economic Council, UAE at BDL, Hyderabad on Tuesday.

Shri P Radhakrishna, Director (Production), Shri N Srinivasulu, Director (Finance), Dr Upendra Vennam, CVO and other senior official from BDL and Tawazun Economic Council, UAE were also present.

Tawazun Economic Council (Tawazun) is the UAE defense and Security acquisition authority for the UAE armed force and also manages the procurement and contract of the UAE armed forces, covering administrative, technical, contractual and functional aspects.

Both BDL and TEC, under the MoU, will work together to identify different business opportunities and assess the viability and feasibility of jointly implementing business opportunities in the field of co-development, coproduction, establishment of Joint Ventures, setting up of Maintenance, repair, refurbishment, life extension facilities, supply of military products as well as licensed production.

The duo will also explore the export possibility of the products to reach out the global demands.

Commodore Siddharth Mishra (Retd), CMD, BDL on this occasion stated that the MoU will help in ushering new business avenues for both the companies in various areas of mutual interest.

Shares of Bharat Dynamics Limited was last trading in BSE at Rs. 548.25 as compared to the previous close of Rs. 561.15. The total number of shares traded during the day was 31301 in over 998 trades.

The stock hit an intraday high of Rs. 569.45 and intraday low of 545.95. The net turnover during the day was Rs. 17567476.00.