BEL shares rise 5% on receipt of orders worth Rs 2,191 crore

Shares of defence PSU Bharat Electronics Ltd (BEL) climbed 5% in trade today after the firm said it received fresh defence and non-defence orders worth Rs 2191 crore. BEL stock surged 5.04% to a fresh high of Rs 126.70 against the previous close of Rs 120.60 on BSE. Market cap of BEL rose to Rs 91,993 crore. A total of 17.71 lakh shares of the firm changed hands, amounting to a turnover of Rs 21.86 crore on BSE.

BEL shares have gained 24.69 per cent since the beginning of this year and risen 60.34 per cent in one year. BEL stock hit a 52-week low of Rs 74.68 on July 6, 2022 and a 52-week high of Rs 127.40 on June 16, 2023.

In terms of technicals, the relative strength index (RSI) of the BEL stock stands at 57.3, signaling the stock is trading neither in the oversold nor overbought zone. BEL has a one-year beta of 1, indicating average volatility during the period. BEL stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The orders relate to supply of long-range guidance kit with warhead, airborne V/UHF jammer, battlefield surveillance radar (Short Range) upgrade, missile guidance radar & control centre, upgraded radio relay (F) with data modem encryption Unit Mk II, identify friend or foe Mk XII A, anti-submarine warfare shallow water craft (ASW SWC) sonar and spares, the PSU said in a communication to bourses.

The defence PSU said the latest orders were in addition to the Rs.5,900 crore orders, which are already received. With this, BEL has received orders to the tune of Rs 8,091 crore till now in the financial year 2023-24.

Bharat Electronics Limited manufactures and supplies electronic equipment and systems to the defence sector as well as for non-defence markets. It manufactures electronic products and systems for the army, navy and the air force. It offers electronic manufacturing services in areas of printed circuit board assembly and testing; precision machining and fabrication; opto electronics components and assemblies; microwave integrated circuit assemblies; super components modules, and offsets, among others.

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