Bharat Electronics shares gain on Rs 2,167.47-crore order from navy

With this, the company has received cumulative orders of Rs 30,776.06 crore in the current financial year

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Bharat Electronics (BEL) share price trade higher in on February 14 morning after the company received a Rs 2,167.47-crore order from the Indian Navy.

At 9.25 am, Bharat Electronics was quoting at Rs 177.70, up Rs 1.25, or 0.71 percent, on the BSE.

“….. has signed a contract for a value of Rs 2,167.47 crore plus taxes with Indian Navy for the supply of state of the art indigenously designed and developed EW suite for use on-board warship,” the company said in its press release.

The company also received orders worth Rs 114.59 crore since the last disclosure on January 30. The orders were for the supply of SDRs, HD VLF receivers, EVMs, etc.

The company has received cumulative orders of Rs 30,776.06 crore in the current financial year.

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Broking house Sharekhan has a “buy” rating on the stock with a price target of Rs 220. ICICI Securities also has a “buy” call but with a higher Rs 215 crore target.

Earlier this month, the Indian Air Force signed a contract with the company for the procurement of Light Weight Man Portable modern communication sets.

The company had posted 40 percent jumped in its Q3FY24 net profit at Rs 859.6 crore as against last year’s Rs 613 crore.

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