Bharat Electronics Wins Additional Orders Worth Rs 792 Crore

Bharat Electronics Ltd. has received additional orders worth Rs 792 crore since Oct. 30, the company announced on Monday. The navratna company received orders for defence network upgrade, radio communication network and more.

The defence firm also received orders for radars, communication equipment, drones, combat management system, gun sighting system, upgrades, spares and services etc.

BEL had received orders worth Rs 732 crore between Oct. 22 and Oct. 30. The orders were for Software Defined Radios, tank sub systems, communication equipment, missile components and financial management software. The Navratna company also received orders for cyber security solution, upgrades, spares and services.

The Software Defined Radios are the first fully indigenous radios, jointly designed and developed with DRDO and manufactured by BEL. The SDRs are interoperable with existing or legacy radios and facilitate smooth transition between technologies. These SDRs will ensure secure, real-time communications and strengthen the Army's operational readiness in today's challenging network-centric battlefields.

The Andhra Pradesh government in October had approved BEL proposal to establish an integrated defence manufacturing complex in Gorantla. The manufacturing facility will be located in the Sri Sathya Sai district, with a total investment of Rs 2,500 crore, according to a report by Informist, citing a source in the industrial department.

The state government has issued formal orders clearing the project and has also extended incentives linked to project milestones, according to the report.

The scrip rose as much as 1.48% to Rs 420.40 apiece on Monday. It pared gains to trade 0.59% higher at Rs 416.70 apiece, as of 2:57 p.m. This compares to a 0.46% advance in the NSE Nifty 50 Index.

It has risen 39.93% in the last 12 months and 42.16% year-to-date. Total traded volume so far in the day stood at 15.03 times its 30-day average. The relative strength index was at 44.66.

Out of 32 analysts tracking the company, 26 maintain a 'buy' rating, three recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 467.61 implies an upside of 12.2%.