Bharat Electronics Bags Order Worth Rs 1,640 From Indian Army

Navratna defence public sector undertaking Bharat Electronics Ltd. has signed a contract with the Indian Army for supply of Air Defence Fire Control Radars worth Rs 1,640 crore, according to an exchange filing on Friday.

The radars will be designed by the Defence Research and Development Organisation or DRDO and manufactured by BEL. They are indigenous in nature and will provide defence against air threats throughout the day and night, under all weather conditions, the filing added

"These radars having inbuilt ECM capabilities are used for surveillance, acquisition, tracking of air targets and control of air defence guns for effective neutralisation. The system is modular by design and is easy to deploy, operate and maintain," the filing stated.

The shares of Bharat Electronics fell as much as 1.19% to Rs 393.50 apiece, the lowest level since July 21. It pared losses to trade 0.77% lower at Rs 395.20 apiece, as of 2:46 p.m. This compares to a 0.94% decline in the NSE Nifty 50 Index.

The stock has risen 34.68% on a year-to-date basis, and is up 30.95% in the last 12 months. The relative strength index was at 45.73.

Out of 29 analysts tracking the company, 24 maintain a 'buy' rating, one recommends a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.2%