India's Tirupati Forge jumps on defence manufacturing licence
Shares of Tirupati Forge rose 5% to 71.06 rupees after the company received an industrial licence to manufacture empty artillery shells, marking its entry into defence manufacturing with a target of both domestic and international customers. Initial production capacity is set at 150,000 units annually, with plans for expansion and pilot production starting in December 2026. The stock is up 109.37% year-to-date.
06 rupees after the company said it has received an industrial licence under India's Arms Act to manufacture empty artillery shells. The company said the licence marks its entry into defence manufacturing and that it is targeting both domestic and international customers. Tirupati Forge said initial production capacity will be 150,000 units annually, with plans to scale up output. The company plans to begin pilot production in December 2026 before moving to full-scale commercial manufacturing and also plans to expand capacity.
37% year to date.