Bharat Electronics (BEL) Hits All-Time High After Bagging ₹3,915 Crore Orders

Bharat Electronics (BEL) Hits All-Time High After Bagging ₹3,915 Crore Orders

VoM News Desk | December 7, 2023 | 12:54 PM IST | Breaking News | Follow on Google News

Bharat Electronics (BEL) Hits All-Time High After Bagging ₹3,915 Crore Orders

Bharat Electronics (BEL) Hits All-Time High After Bagging ₹3,915 Crore Orders

Shares of Bharat Electronics surged 3.6% in early trade, reaching a new all-time high of ₹161.80 apiece. The company announced it received new orders worth ₹3,915 crore, including a ₹580 crore order from the Indian Army for the Annual Maintenance Contract (AMC) of Radars. These orders, totaling ₹3,335 crore, were received since the last disclosure on September 15, 2023.

Order Accumulation in FY 2023-24
With the latest orders, Bharat Electronics Limited has accumulated orders amounting to ₹18,298 crore in the ongoing financial year 2023-24. The company had earlier secured a significant order of ₹2,118.57 crore from Cochin Shipyard Limited for the supply of various equipment for next-generation missile vessels for the Indian Navy.

Role in Make in India and Atma Nirbhar Bharat Initiatives
As a Navratna PSU under the Ministry of Defence, Government of India, Bharat Electronics plays a crucial role in implementing the government’s Make in India and Atma Nirbhar Bharat initiatives, being a key player in the defence and aerospace sectors. Analysts note that global defence companies partnering with indigenous players aligns with the export potential for engineering services and component sourcing from India.

Financial Performance and Market Capitalization
Bharat Electronics shares have delivered a stellar return this year, reflecting strong financial performance and robust order wins. After hitting a one-year low of ₹87 in March, the shares rebounded, currently trading at ₹160.20, marking an 84% increase. The company crossed the ₹one lakh crore market capitalization on September 1.

Financial Highlights for Q2 FY24:

• Net Profit: ₹790 crore (26.6% improvement over Q2 FY23)
• Revenue from Operations: ₹4,009 crore (1.18% YoY increase)

At 12:00 PM, the stock was trading with a gain of 2.27% at ₹159.70 apiece.

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VoM News Desk

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