Shares of Bharat Electronics jumped back in green on Friday halting its two-day losing streak after the company announced bagging ₹3,750 crore government contracts.
What Happened: The defense electronics company Thursday informed that it signed two contracts with the Ministry of Defence to supply surveillance tech devices to the Indian Air Force. The first contract, worth over ₹2,800 crore, pertains to the supply of Medium Power Radars (MPR) ‘Arudhra' for the Indian Air Force. The Radar being manufactured by BEL is based on Electronics and Radar Development Establishment (LDRE) – DRDO design.
The second contract would see the company supply 129 DR-118 Radar Warning Receivers (RWR) for a total cost of around ₹950 crore. The projects are under Buy Indian – IDMM Indigenously Designed Developed and Manufactured category.
The company had last week announced a dividend of ₹0.60/share for the current financial year. The record date for the dividend payout is March 25.
Price Action: Shares of Bharat Electronics jumped 0.88% to trade at ₹93.25 at market open on Friday.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.