Goodluck India shares opened at a day high of Rs 512.95 on 30 October, before its defence arm disclosed a Rs 58.20 crore 155mm shell order.

In an exchange filing on 30 October, Goodluck India Limited said its subsidiary, Goodluck Defence and Aerospace Limited, has received an order worth Rs 58.20 crore.

The contract covers 155mm high-explosive shells built to travel long distances. Management has earlier put the range of this shell type at 38 kilometres.

They are supplied in ready-to-fill condition, which means the empty steel casings reach the buyer first and get filled with explosives at a later stage.

This is the latest in a run of domestic shell orders for the unit. In June, the firm disclosed a Rs 255 crore contract for long-range shells, due within 10 months.

It had also reported a Rs 52.20 crore order for M107 shells. With the new Rs 58.20 crore order, the three contracts add up to Rs 365.40 crore.

On 27 July, the subsidiary received a quality certificate from the Directorate General of Quality Assurance, part of the Ministry of Defence, for its M107 shells, a clearance that allows it to bid in official defence tenders.

The company is also lifting yearly capacity at the plant from 1.5 lakh shells to 4 lakh.

It has been named the only technically qualified bidder for 155mm HE M1A4 shells for Munitions India Limited. That stage is not an order yet.

At 14:46 pm, shares were trading down 2.80% at Rs 494.25 on NSE, against a previous close of Rs 508.50. The stock fell as low as Rs 490 during the day.

It’s down 9.30% over the past week and sits well below its 52-week high of Rs 615 from 15 October. Over one year, the stock is still up 18.58%.

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