BEL shares in focus today as defence firm wins orders worth Rs 3,289 crore

Shares of Bharat Electronics Ltd (BEL) are in focus today after the PSU defence firm said it has received new defence and non-defence orders worth Rs 3,289 crore during July and August 2023 (till date). On August 25, the BEL stock closed 0.71% lower at Rs 133.35 against the previous close of Rs 134.30 on BSE. The share has gained 35% in one year and risen 33.02% since the beginning of this year. Total 14.55 lakh shares of the firm changed hands amounting to a turnover of Rs 19.69 crore on BSE. Market cap of the firm fell to Rs 97,475 crore.  

The stock hit a 52-week high of Rs 138.20 on August 25, 2023 and 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  59.8, signaling it's trading neither in the overbought nor in the oversold zone. BEL shares have a beta of 1, indicating average 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 orders relates 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. 

These also include the LoI / order worth Rs 1,075 crore received on Friday from Hindustan Shipyards Limited for supply of CMS, Communication Systems, EW Systems and other sensors for Fleet Support Ships, the Bengaluru-headquartered BEL said. 

"These orders are in addition to the Rs 8,091 crore orders, which are already received. With this, BEL has in all received orders of Rs 11,380 crore till now in the financial year 2023-24", it said. 

In Q1 of this fiscal, the state-owned firm reported a 23% rise in profit to Rs 530.84 crore compared with Rs 431.49 crore in the corresponding quarter of last year. Revenue rose to Rs 3510.8 crore, up 12.8% against Rs 3112.8 crore in the corresponding quarter last year.  

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