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BEL Shares Jump 6.85% on Rs 3,000+ Crore Orders

18 Sept 2023 , 12:13 PM

Bharat Electronics Ltd (BEL) witnessed a surge of over 6% in its share price during early trade on Monday, attributed to substantial orders exceeding Rs 3,000 crore. The surge propelled BEL shares to reach a high of Rs 145.00 apiece on the BSE, marking an impressive increase of 6.85%.

Cochin Shipyard Limited placed a significant order amounting to Rs 2,118.57 crore with BEL. The order encompasses a range of equipment, including Sensors, Weapon systems, Fire Control systems, and Communication equipment, for six Next Generation Missile Vessels (NGMV) employed in anti-surface warfare corvettes for the Indian Navy.

Notably, this project will see collaboration with Indian electronics industries, including Micro, Small, and Medium Enterprises (MSMEs), acting as sub-vendors for BEL, as mentioned in an official exchange filing.

Furthermore, additional orders worth Rs 886 crore have been secured by BEL, covering the upgrade of AFNET SATCOM N/W, Akash Missiles incorporating RF Seeker and Inertial Navigation System, and other associated equipment along with accessories and spares.

Cumulatively, in the financial year 2024 (FY24) to date, BEL has accumulated orders worth a substantial Rs 14,384 crore. The first quarter of FY24 marked a commendable performance for BEL, showcasing a net profit of Rs 530.84 crore, signifying a remarkable 23% growth compared to the previous year.

The company’s overall revenue for the June quarter amounted to Rs 3,510.8 crore, indicating a notable growth of 12.8% compared to the corresponding period in the previous fiscal. Over the span of a month, BEL shares have exhibited a notable gain of 10%, and throughout the year, the stock has demonstrated an impressive rally of over 40%.

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