Shares of Bharat Electronics Ltd (BEL) gained more than 2% on Wednesday, February 14, after the PSU firm inked a contract worth ₹2,167.5 crore with the Indian Navy to supply an indigenously designed EW (electronic warfare) suite for warships.
On the BSE, the stock opened at ₹177.45 apiece, slightly higher from the previous close of ₹176.45. The company's share price has almost doubled from its 52-week low of ₹89.68 touched on March 16, 2023.
In a stock exchange filing, the company said,"Bharat Electronics Ltd (BEL) has signed a contract for a value of ₹2,167.47 crore plus taxes with the Indian Navy on February 13, 2024, for the supply of state of the art indigenously designed and developed EW suite for use onboard warship".
Also, the state-owned firm secured additional orders to the tune of ₹114.59 crore since the last disclosure on January 30, 2024, for the supply of SDRs, HD VLF receivers, EVMs among others, BEL said.
With this, the Bengaluru-headquartered company has bagged cumulative contracts worth ₹30,776 crore in the current financial year.
BEL primarily manufactures advanced electronic products for the defence sector, including radars, electronic warfare systems, communication equipment and naval systems.
In December, Bharat Electronics said it had received orders worth ₹678 crore. These included an order from the Uttar Pradesh government valued at ₹445 crore, for the development of the next generation emergency response system known as the UP DIAL 112 project.
Bharat Electronics will supply hardware, AI-based software tools, and cybersecurity solutions for this statewide initiative.
Additionally, the company secured orders amounting to ₹233 crore for communication display units, thermal imaging cameras, and various other miscellaneous spares and services.
At 10:41 AM, shares of BEL were trading 2.3% higher at ₹180.5 apiece on BSE.
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