BEL shares approach record high as firm wins Rs 3,000-crore orders from Cochin Shipyard, others
BEL shares gained 6.85% to Rs 145 in early trade against the previous close of Rs 135.70 on BSE. Market cap of the firm rose to Rs 1.02 lakh crore.
- Sep 18, 2023,
- Updated Sep 18, 2023 10:11 AM IST
Shares of Bharat Electronics Ltd (BEL) zoomed 7% in early trade today after the PSU defence firm said it won defence orders worth Rs 3,000 crore.The BEL stock gained 6.85% to Rs 145 against the previous close of Rs 135.70 on BSE. BEL stock has risen 25.90% in one year and gained 39.65% since the beginning of this year. Total 14.78 lakh shares of the firm changed hands amounting to a turnover of Rs 20.76 crore on BSE. Market cap of the firm rose to Rs 1.02 lakh crore.
The stock hit a record high of Rs 147.20 on September 11, 2023 and a 52-week low of Rs 87 on January 30, 2023.
BEL said it received a Rs 2,118.57-crore order from Cochin Shipyard Limited for supply of various equipment consisting of sensors, weapon equipment, fire control systems and communication equipment for six next-generation missile vessels (NGMV), class of anti-surface warfare corvettes for the Indian Navy.
The project will have participation of Indian electronics and associated industries, including MSMEs, which are sub vendors of BEL.
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BEL also received additional orders worth Rs 886 crore for the upgrade of AFNET SATCOM N/W and Akash missiles with RF seeker, and inertial navigation system and other equipment with accessories and spares. With the latest contracts, the company's order book for FY24 has risen to Rs 14,384 crore so far in the financial year 2023-2024.
In August-end, the company said it received new defence and non-defence orders worth Rs 3,289 crore during July and August 2023 (till date).
The orders pertained to the supply of Low Level Light Weight Radars, SONARS, IFF Systems, SATCOM Systems, EO/IR Payloads, TRM/DTRMs, Jammers, Encryptors, Data Link Systems, Fire Control Systems, Radars for Directed Energy Systems, Semi Rugged Telephone Exchanges, Software Defined Radios and various others types of radios, Electronic Voting Machines, AMC and Spares, BEL said.
In terms of technicals, the relative strength index (RSI) of BEL stock stands at 51.3, signaling it's trading neither in the overbought nor in the oversold zone. BEL shares have a beta of 1.2, indicating high volatility in a year. BEL shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
BEL reported a 23% rise in profit to Rs 530.84 crore in the June quarter compared with Rs 431.49 crore in the corresponding quarter of last year. Revenue climbed to Rs 3510.8 crore, up 12.8% against Rs 3112.8 crore in the corresponding quarter last year.
Shares of Bharat Electronics Ltd (BEL) zoomed 7% in early trade today after the PSU defence firm said it won defence orders worth Rs 3,000 crore.The BEL stock gained 6.85% to Rs 145 against the previous close of Rs 135.70 on BSE. BEL stock has risen 25.90% in one year and gained 39.65% since the beginning of this year. Total 14.78 lakh shares of the firm changed hands amounting to a turnover of Rs 20.76 crore on BSE. Market cap of the firm rose to Rs 1.02 lakh crore.
The stock hit a record high of Rs 147.20 on September 11, 2023 and a 52-week low of Rs 87 on January 30, 2023.
BEL said it received a Rs 2,118.57-crore order from Cochin Shipyard Limited for supply of various equipment consisting of sensors, weapon equipment, fire control systems and communication equipment for six next-generation missile vessels (NGMV), class of anti-surface warfare corvettes for the Indian Navy.
The project will have participation of Indian electronics and associated industries, including MSMEs, which are sub vendors of BEL.
ALSO READ: Stocks in news: Adani Energy Solutions, Vedanta, DB Realty, Sterlite Tech, Indian Oil and more
BEL also received additional orders worth Rs 886 crore for the upgrade of AFNET SATCOM N/W and Akash missiles with RF seeker, and inertial navigation system and other equipment with accessories and spares. With the latest contracts, the company's order book for FY24 has risen to Rs 14,384 crore so far in the financial year 2023-2024.
In August-end, the company said it received new defence and non-defence orders worth Rs 3,289 crore during July and August 2023 (till date).
The orders pertained to the supply of Low Level Light Weight Radars, SONARS, IFF Systems, SATCOM Systems, EO/IR Payloads, TRM/DTRMs, Jammers, Encryptors, Data Link Systems, Fire Control Systems, Radars for Directed Energy Systems, Semi Rugged Telephone Exchanges, Software Defined Radios and various others types of radios, Electronic Voting Machines, AMC and Spares, BEL said.
In terms of technicals, the relative strength index (RSI) of BEL stock stands at 51.3, signaling it's trading neither in the overbought nor in the oversold zone. BEL shares have a beta of 1.2, indicating high volatility in a year. BEL shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
BEL reported a 23% rise in profit to Rs 530.84 crore in the June quarter compared with Rs 431.49 crore in the corresponding quarter of last year. Revenue climbed to Rs 3510.8 crore, up 12.8% against Rs 3112.8 crore in the corresponding quarter last year.