The Exchange has sought clarification from Reliance Infrastructure Limited with respect to recent news item captioned Reliance Infra becomes first private Indian firm to develop next-gen 155mm artillery shells. The response from the Company is attached.
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Awaiting price reaction for this filing.
The stock exchanges asked Reliance Infrastructure to clarify a Business Today article claiming it became the first private Indian firm to develop next-gen 155mm artillery shells. The company confirmed that one of its defence subsidiary (SPV) companies is working on ammunition development under a DRDO project with the Government of India, but described this as routine activity. Importantly, the company stated that there are currently no negotiations and no actual order from the Indian Army for the ammunition under development. It also said the news item is not a material, disclosable event and that the stock price movement was driven by market sentiment, not company-specific news.
This is a mild negative for investors who bought the stock on the artillery shell news — the company is effectively tempering expectations by confirming there is no firm order yet. Short-term excitement around the story may fade, though the DRDO-linked development work signals the company is positioning itself in the defence manufacturing space over the longer term.