Govt-Owned Defence Company Bags Order Worth Rs 2,191 Crore, Shares Jump

Government-owned aerospace and defence electronic company, Bharat Electronics Limited (BEL) informed BSE on June 30, 2023 that its has received new Defence and non-Defence orders worth Rs.2,191 crore. Soon after the announcement, BEL shares rallied 4.35% on BSE to Rs 125.85 apiece. Bharat Electronics shares also witnessed spurt in volume by more than 2.06 times. Check details below:

Bharat Electronics Ltd Bags New Order Worth 2191 Crore: According to the BSE filing of the company, "Navratna Defence PSU Bharat Electronics Limited (BEL) has received new Defence and non-Defence orders worth Rs.2,191 Crore. The orders are for supply of Long Range Guidance Kit with Warhead, Airborne V/UHF Jammer, Battlefield Surveillance Radar (Short Range) Upgrade, Missile Guidance Radar & Control Centre, Upgraded Radio Relay (F) with Data Modem Encryption Unit Mk II, Identify Friend or Foe Mk XII A, Anti-Submarine Warfare Shallow Water Craft (ASW SWC) Sonar and Spares."

These orders are in addition to the Rs.5,900 Crore orders, which are already received. With this, BEL has in all received orders to the tune of Rs. 8,091 Crore till now in the financial year 2023-24.

Bharat Electronics Stock Outlook: Last trading price of BEL share is Rs 125.85 apiece on BSE. Its 52-week high price is Rs 127.40 apiece and 52-week low price is Rs is Rs 74.68 apiece, respectively. The large cap PSU company has a market capitalisation of Rs 91,993.57 crore.

Bharat Electronics Return: Bharat Electronics shares gave return of 38% in last 3-months, 26% return YTD, 61% return in last 1-year, 112% return in last 2-years, and maximum return of 326% in last 3-years.

About: Bharat Electronics Limited (BEL) is a Navratna PSU under the Ministry of Defence, Government of India. It manufactures state-of-the-art electronic products and systems for the Army, Navy and the Air Force. BEL has also diversified into various areas like homeland security solutions, smart cities, e-governance solutions, space electronics including satellite integration, energy storage products including e-vehicle charging stations, solar, network & cyber security, railways & metro solutions, airport solutions, etc.

Disclaimer: The PSU Defence stock bagged new order and shares witnessed a rally. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.