Shares of Bharat Heavy Electricals Ltd (BHEL) jumped 5% to hit a fresh 52-week high of ₹164.8 per piece on BSE on Wednesday after the company said it had signed a contract worth ₹2957 crore with the defence ministry.
The stock has been on an upward swing since November 22, and has gained 14% in the last five trade sessions. It has gained 105% this year, so far. On Wednesday, BHEL said it had signed a contract with the defence ministry to supply 16 upgraded super rapid gun mount (SRGM) against a letter of intent (LoI) received by the company in March this year.
The ministry on Tuesday said it had entered into a contract with BHEL to procure 16 upgraded SRGM, with the associated equipment or accessories for Indian Navy. The contract has been signed under the Buy (Indian) category at a total cost of ₹2,956.89 crore, the release said.
The SRGMs will be manufactured at BHEL's Haridwar plant.
The project is slated to generate employment of 2.5 lakh mandays over a period of five years while bringing along and encouraging active participation of various Indian industries, which would also include the MSME sector.
The upgraded SRGMs will be installed onboard the Indian Navy's in-service and newly-built ships by Mazagon Dock and Shipbuilders Ltd, Mumbai, and Garden Reach Shipbuilders and Engineers, Kolkata.
Bharat Heavy Electricals Ltd (BHEL) shares were trading 4.55% higher at ₹163.15 per piece on BSE at 2:15pm.
Also Read: Fedbank Financial headed for flat to negative listing? Here's what grey market premium indicates
(Edited by : Shloka Badkar)
First Published: Nov 29, 2023 3:02 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM
Why Google CEO is cautiously optimistic about the election year
May 16, 2024 9:51 AM
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM