Bharat Electronics Ltd’s (BEL) share price rallied more than 6% in early trade on Monday after the company received orders worth more than ₹3,000 crore. BEL shares jumped as much as 6.85% to a high of ₹145.00 apiece on the BSE.
Bharat Electronics received an order of Rs.2,118.57 crore from Cochin Shipyard Limited for the supply of various equipment consisting of Sensors, Weapon equipment, Fire Control systems, and Communication equipment for six numbers of Next Generation Missile Vessels (NGMV), a class of anti-surface warfare corvettes for Indian Navy.
This project will have the participation of Indian electronics and associated industries, including MSMEs, which are sub-vendors of BEL, the defense PSU said in an exchange filing.
Additionally, the company has also received orders worth Rs.886 crores for the upgrade of AFNET SATCOM N/W, Akash Missiles with RF Seeker, Inertial Navigation System, and other equipment with accessories and spares, etc.
With these contracts, BEL has received orders worth ₹14,384 crore in FY24 so far.
In the first quarter of FY24, BEL reported a net profit of ₹530.84 crore, registering a growth of 23% year-on-year.
The company’s total revenue in the June quarter stood at Rs. 3,510.8 crore, up 12.8% as against ₹3,112.8 crore in the corresponding period of the preceding fiscal.
BEL shares have gained 10% in one month, while the stock has rallied more than 40% this year so far.
At 10:25 a.m., BEL’s share price was trading 3.17% higher at ₹140.00 apiece on the BSE.
