Shares of Bharat Electronics Ltd. surged nearly 4% to an all-time high on Friday after the Ministry of Defence signed a contract worth Rs 5,336 crore for procurement of electronic fuses for the army.
The electronic fuses, which are an integral part of calibre-artillery guns, will be manufactured by the BEL at its Pune and upcoming Nagpur plants, the ministry said in a release.
The procurement is for a period of 10 years as part of the self-reliant India and the aim of the project is to build up ammunition stocks to minimise imports, it said.
BEL's stock rose as much as 3.78% during the day to Rs 170.20 apiece on the NSE. It was trading 3.23% higher at Rs 169.30 apiece compared to a 0.76 advance in the benchmark Nifty 50 as of 2.08 p.m.
The share price has risen 69.07% on a year-to-date basis. The total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 80.30, implying that the stock maybe overbought.
Twenty-three out of 29 analysts tracking BEL have a 'buy' rating on the stock, four recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 5.7%.
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