Bharat Electronics scores orders worth Rs 3,000 crore; shares rise By Investing.com

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Bharat Electronics scores orders worth Rs 3,000 crore; shares rise

Published Sep 18, 2023 00:48

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Bharat Electronics scores orders worth Rs 3,000 crore; shares rise

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Shares of Bharat Electronics (NS:BAJE) (BEL) experienced a surge of over 3% in early trade on Monday, following the company's announcement of securing orders worth Rs 3,000 crore (Rs 1 crore = $120,409). The order includes a Rs 2,118.57-crore contract awarded by Cochin Shipyard (NS:COCH) Limited for the supply of various equipment. This equipment, which includes sensors, weapon equipment, fire control systems, and communication equipment, will be used for six next-generation missile vessels (NGMV), a class of anti-surface warfare corvettes for the Indian Navy.

The deal also involves participation from Indian electronics and associated industries, including Micro, Small & Medium Enterprises (MSMEs), which are sub vendors of BEL. Additional orders worth Rs 886 crore were also received for upgrading AFNET SATCOM N/W and Akash missiles with RF seeker, inertial navigation system and other equipment with accessories and spares.

With these latest contracts, BEL's order book for FY24 stands at Rs 14,384 crore. This follows the company's announcement last month that it had received defence and non-defence orders amounting to Rs 3,289 crore since July.

In its Q1FY24 results, BEL reported a year-on-year increase of 12.48% in revenue from operations at Rs 3,533 crore, and a significant rise of 47.26% in net profit to Rs 539 crore. As of Monday morning trading hours, Bharat Electronics was quoted at Rs 140.35 ($1 = Rs 83.05) on the BSE, up by Rs 4.65 or 3.43%.

In related news from Friday, the Bank of India (NS:BOI) announced that it has raised Rs 2,000 crore by issuing bonds at a coupon rate of 7.88% per annum on a private placement basis. Also on Friday, the Great Eastern Shipping (NS:GESC) Company announced it has signed a contract to buy a medium-range (MR) product tanker of about 46,197 deadweight tonnage (dwt). Meanwhile, Texmaco Rail & Engineering revealed that its board has approved the raising of funds up to Rs 1,000 crore through the issuance of equity shares via a qualified institutions placement (QIP).

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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