Bharat Electronics Achieves Record High on Surge of Lucrative Contracts

Bharat Electronics Achieves Record High on Surge of Lucrative Contracts

VoM News Desk | December 26, 2023 | 06:22 PM IST | Breaking News | Follow on Google News

Bharat Electronics Achieves Record High on Surge of Lucrative Contracts/PTI

Bharat Electronics Achieves Record High on Surge of Lucrative Contracts

Bharat Electronics, the state-owned defence and aerospace firm, surged to an all-time high following a series of substantial orders it secured recently, propelling its shares by 4.5% to Rs 182.7. The company observed a remarkable 82% rise in 2023, contributing cumulative returns of over 500% to its shareholders over the past five years.

Today, Bharat Electronics unveiled a significant contract valued at Rs 445 crore with the Uttar Pradesh government. This deal focuses on delivering cutting-edge hardware, AI-based software tools, and cybersecurity solutions for the Dial 112 project, an emergency response system in Uttar Pradesh.

Additionally, the company announced additional orders worth Rs 233 crore, encompassing communication display units, thermal imaging cameras, and various spares and services. Notably, last week, Bharat Electronics bagged substantial orders totaling Rs 2,673 crore from Goa Shipyard Limited and Garden Reach Shipbuilders and Engineers. These orders entail the supply of 14 sensor types for deployment on Next Generation Offshore Patrol Vessels (NGOPV).

In the current financial year 2023-24, the state-owned enterprise has amassed cumulative orders worth Rs 26,613 crore, reflecting a significant stride in its business operations.

The central government has set an ambitious target of achieving indigenous defence manufacturing worth Rs 175,000 crore, including defence exports of Rs 35,000 crore by 2024-25. Various policy initiatives and reforms have been undertaken to stimulate indigenous design, development, and manufacture of defence equipment, fostering self-reliance in defence manufacturing.

Notably, Mazagon Dock Shipbuilders witnessed a surge in shares by over 7% after the Indian Navy commissioned its latest Stealth Guided Missile Destroyer Imphal, reportedly built by Mazagon Dock Shipbuilders, emphasizing the collective growth in the defence sector.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.