Shares of this defence stock jumped up to 2 percent in Friday’s trading session after bagging an order worth Rs 2,673 crores for the supply of sensors. Year-to-date, the company’s stock has gained more than 70 percent for its stakeholders.
The shares of Bharat Electronics Limited (BEL) started their trading session on Friday at Rs 172.35 and currently trade at Rs 174.15, gaining approximately 2 percent as compared to the previous close of Rs 170.60 apiece.
The bullish stock price movements were observed today after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated that it has secured multiple orders worth Rs 2,673 crores for the supply of sensors.
The company received orders worth Rs 1,701 crores from ‘Goa Shipyard Limited, and orders worth Rs 972 crores from ‘Garden Reach Shipbuilders & Engineers’ for the supply of 14 types of sensors applied on Next Generation Offshore Patrol Vessels (NGOPV).
The Equipment manufactured by BEL is a part of the ‘Atmanirbhar Bharat’ program. In the current financial year, Bharat Electronics Limited, to date, has a cumulative order book worth Rs 25,935.15 crores.
During the recent financial quarters, the company’s prime indicators of business such as operating revenues and net profits exhibited an increase with the former taking a shift from Rs 3,532.94 crores during Q1FY23-24 to Rs 4,009.06 crores during Q2FY23-24, and, the latter, during the same period, shifting from Rs 528.6 crores to Rs 780.73 crores.
According to the recent presentations, the defence company expects a target of $90 million, with around $27 million achieved till now. Moreover, the company is targeting an increase in the share of ‘non-defence’ revenue in the next two to three years.
Incorporated in 1954, Bharat Electronics Limited (BEL) is engaged in the business of designing, manufacturing, and supplying electronic equipment and systems for the defense and civilian markets in India. Its product portfolio includes defense communication products, naval systems, land-based radars, avionics, electro-optics, tanks, etc.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
