Bharat Electronics Ltd. has bagged additional orders worth Rs 585 crore, according to an exchange filing on Friday.
The state-owned company will supply fire control and sighting system for missiles, communication equipment, jammers and spares, as part of the orders.
On June 6, the defense electronics manufacturer received an order for Rs 2,323 crore from Mazagon Dock Shipbuilders Ltd. in Mumbai and Garden Reach Shipbuilders & Engineers Ltd. in Kolkata. The order included supply of base and depot spares for the missile systems on Indian naval ships.
Shares of BEL on Friday closed 2.43% higher at Rs 408.25 apiece on the National Stock Exchange, compared to a 1.29% rise in the benchmark Nifty. The stock has risen 30.89% in the last 12 months and 39.26% on a year-to-date basis.
Out of the 28 analysts tracking the company, 24 have a 'buy' rating on the stock, one recommends 'hold' and three suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 2.1%.
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