Bharat Electronics Share Price Rises On Rs 2,210-Crore Deal
The new contract takes Bharat Electronics' total order book to Rs 2,803 crore for the current financial year.
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Bharat Electronics Ltd.'s shares rose nearly 6% on Tuesday following the announcement of a Rs 2,210 crore deal with the Indian Air Force.
The Ministry of Defence signed a contract with BEL to supply advanced electronic warfare suites and aircraft modification kits for Mi-17 V5 helicopters.
The deal included the installation of these systems which are designed to enhance the combat survivability of the helicopters.
The EW suite, developed by the Combat Aircraft Systems Development & Integration Centre and the Defence Research and Development Organisation, includes a radar warning receiver, missile approach warning system, and countermeasure dispensing system.
These components are crucial for providing effective countermeasures and significantly boosting the operational capabilities of the Mi-17 V5 helicopters.
The new contract takes Bharat Electronics' total order book to Rs 2,803 crore for the current financial year.
Bharat Electronics is a Navratna Public Sector Undertaking under the Ministry of Defence, India. Founded in 1954, BEL specialises in manufacturing advanced electronic products for the Army, Navy, and Air Force. It has diversified into areas like homeland security, smart cities, e-governance, and space electronics.
The scrip rose as much as 5.84% to Rs 288 apiece. It pared gains to trade 4.91% higher at Rs 285 apiece, as of 09:30 a.m. This compares to a 1.71% advance in the NSE Nifty 50 Index.
It has risen 27.69% in the past 12 months. Total traded volume so far in the day stood at 3.0 times its 30-day average. The relative strength index was at 51.
Out of 28 analysts tracking the company, 25 maintain a 'buy' rating, one recommends a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 20%.
