Bharat Electronics Ltd. secured an order worth Rs 850 crore from Cochin Shipyard Ltd. for the supply of an indigenous multi function radar.
The fully indigenous radar in X Band has been designed by the Defence Research and Development Organisation and is capable of detecting, acquiring and tracking airborne targets to provide protection to naval ships, according to an exchange filing on Wednesday.
Additionally, BEL has also secured orders valued at Rs 305 crore, which includes a navigational complex system for ships, thermal imagers, communication equipment, fire control system, gun control system and more. The vendors of this order have not been mentioned in the filing.
BEL has accumulated orders totaling Rs 7,075 crore as of Sept. 11, 2024.
Shares of the company rose as much as 1.64%, the highest level since Sept. 6, before paring gains to trade 0.52% higher at Rs 287.25 apiece, as of 03:02 p.m. This compares to a 0.54% decline in the NSE Nifty 50.
The stock has risen 55.94% year-to-date. Total traded volume so far in the day stood at 1.01 times its 30-day average. The relative strength index was at 39.82.
Out of 26 analysts tracking the company, 18 maintain a 'buy' rating, three recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 16.3%.
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