Bharat Electronics shares were surging in the green on Friday as the company bagged 12 major defense contracts from the government.
What Happened: The defense electronics company on Thursday announced winning 12 defense contracts worth around ₹8,200 crore. The orders are for manufacturing equipment for all three wings of the Indian Defense Forces.
The 10 contracts that were announced first are worth ₹5,498 crore. Two projects are for the Indian Air Force, the first is to supply EW Suite Equipment for Medium Lift Helicopter, and the second is for the Maintenance of two Squadron for the Akash Missile System.
For the Indian Army, BEL has signed the Automated Air Defence Control & Reporting System (Project Akashteer). It will enable monitoring of low-level airspace over the battle areas of the Indian Army and effectively control the Ground Based Air Defence Weapon Systems. It will also be providing an Instant Fire Detection and Supressing System IFDSS for T 72 for the army.
The Public service undertaking signed a handful of contracts with the Indian Navy as well. The defense contractor will provide the navy 1,265 Software Defined Radio (SDR) and 1,178 PHD VLF HF Receiver. Three more projects were signed with Indian Navy – INS-SA, CMS for P17 & P28, Varuna EW.
Get all the latest Share Market trends and news to set you up for the week ahead.
The two projects that were announced later were also from the Indian Navy and the Indian Army worth ₹2,696 crore. The company will provide LYNX U2 Fire Control Systems (13 Nos.) for Indian Navy for ₹1,705 crore and Weapon Locating Radar (Swathi) (12 Nos.) for Indian Army for ₹991 crore.
Price Action: BEL shares were up 5.43% at ₹96.46 as the markets opened on Friday.
Read Next: Why Larsen & Toubro Shares Are Up Today
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.