BEL Bags Rs 1,092 Crore Defence Orders Stock Jumps Nearly 3 Pc

(MENAFN- IANS) New Delhi, Sep 29 (IANS) Bharat Electronics Limited (BEL) has secured fresh orders worth Rs 1,092 crore since September 16, the company said in a stock exchange filing on Monday.

The major contracts include upgrades for electronic warfare systems and defence networks, tank subsystems, transmit/receive modules, communication equipment, electronic voting machines, as well as spares and services.

With these contracts, BEL has once again shifted its focus to the defence sector, after its earlier disclosure showed that a majority of its orders were coming from clients in the information technology space.

In the exchange filing, the Navratna defence PSU confirmed the new orders, noting that they would strengthen its role in India's strategic electronics sector.

“Navratna defence public sector undertaking, Bharat Electronics Limited (BEL), has secured additional orders worth Rs.1092 Crore since the last disclosure on September 16,” the company said.

“Major orders received include EW System Upgrade, Defence Network Upgrade, Tank Sub Systems, TR Modules, Communication Equipment, EVM, Spares, Services etc,” the company added in its filing.

Shares of BEL surged 2.85 per cent to Rs 407.2 apiece on the Bombay Stock Exchange (BSE) during market hours on Monday, compared to a 0.4 per cent gain in the benchmark Nifty 50 index.

BEL's shares had closed 1.24 per cent higher at Rs 399.95 apiece on the National Stock Exchange (NSE) after that announcement.

Meanwhile, the company is also working with Bharat Dynamics Limited (BDL) to co-produce a new missile developed by the Defence Research and Development Organisation (DRDO).

The missile, which has a range of 30 km, is capable of tracking moving targets and can be fired at short intervals, strengthening India's defence capabilities.

Earlier this month, between September 1 and September 17, BEL had received orders worth Rs 712 crore.

Those contracts were largely from the IT and cybersecurity space and included projects for IT infrastructure, blockchain solutions, electronic support measure systems, communication equipment, spares, and services.

The stock has delivered strong returns for investors, rising more than 40 per cent in the last 12 months and 36.43 per cent on a year-to-date (YTD) basis.

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