BHEL Shares Surge 2% as Defense Ministry Seals Deal for Navy Gun Mounts

29 Nov 2023 , 02:52 PM

Bharat Heavy Electricals Limited (BHEL) shares rose over 2% to Rs 160, marking the fifth consecutive trading session gain. The Defense Ministry has inked a deal with BHEL to acquire 16 upgraded super rapid gun mount (SRGM) units and associated accessories for the Indian Navy.

The upgraded SRGMs will be installed on both existing and newly constructed ships of the Indian Navy. BHEL’s Haridwar plant will be the manufacturing hub for the SRGMs.

The SRGMs boast capabilities for multiple engagements in diverse threat scenarios and have a proven track record of excellent performance against missiles and highly maneuverable fast attack crafts.

BHEL has signed a Memorandum of Cooperation (MoC) with Electricité de France S.A. (EDF), a French state-owned company and the world’s largest nuclear operator. The MoC aims to explore opportunities to maximize local content in the Jaitapur Nuclear Power Plant Project to be established by NPCIL in India.

BHEL and EDF will also explore broader collaboration for European Pressurized Reactors (EPRs) and the NUWARD SMR (Small Modular Reactor). The company made the announcement regarding the MoC in an exchange filing on November 28.

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