The shares price rose over 96 per cent in the year-to-date period of 2022, exchange data showed.

The company, which is under the Defence Ministry, manufactures surface to air missiles, anti-tank guided missiles, torpedoes, and allied defence equipments.

The Centre's 'Atmanirbhar' push on indigenous defence manufacturing likely to have supported the company's shares.

Also, the BDL and the Tawazun Economic Council of the United Arab Emirates have recently exchanged an MoU to explore new business opportunities in various areas of mutual interest in the field of defence. This, too, supported the shares.

So far in April, the shares of the PSU rose over 40 per cent.

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