BEL shares hit record high as defence firm wins Rs 580 crore order from Indian Army

Shares of Bharat Electronics Ltd (BEL) hit a record high in early trade today after the PSU defence firm said it has received an order of Rs 580 crore from the Indian Army for supplying an artificial magnetic conductor (AMC) for radars.

The project will have the participation of Indian electronics and associated industries, including MSMEs, which are sub-vendors of BEL.

On December 6, the BEL stock closed at Rs 156.20. It zoomed 4.35% to a high of Rs 163 on BSE in early deals today. The share has gained 50.76% in one year and risen 59.10% since the beginning of this year. Total 2.99 lakh shares of the firm changed hands amounting to a turnover of Rs 4.80 crore on BSE. Market cap of the firm rose to Rs 1.16 lakh crore.

The stock fell to a 52-week low of Rs 87 on January 30, 2023.

In terms of technicals, the relative strength index (RSI) of BEL stock stands at  73.3, signaling it's trading in the overbought zone. BEL shares have a beta of 0.3, indicating very low volatility in a year. BEL shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The company has received additional orders worth Rs 3,335 crore since the last disclosure on September 15, 2023. The said orders pertain to AMC for AEW&C system (Airborne Early Warning & Control), Uncooled TI sights, Software Defined Radios, SWIR payload, AMC for IACCS, Passive Night Vision Binoculars etc, it added.

With the above orders, cumulatively, BEL has received orders worth Rs 18,298 crore in the current financial year, the defence firm said in a communication to bourses.

All the equipment manufactured by BEL is part of the 'Aatmanirbhar Bharat' program, the company said.

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