Shares of public sector defence firm Bharat Electronics Limited (BEL) were gaining late on Friday after the company said it had won a massive contract for supplying control systems for the Indian Army.
What Happened: The company said it has landed a contract worth ₹3,172 crore from Armoured Vehicles Nigam Ltd (AVNL). The contract was officially inked on Friday at the AVNL Headquarters in Chennai.
What Happened: The contract entails the supply and installation of an advanced, indigenously designed and developed sighting and fire control system (FCS) for the upgrade of certain Indian Army tanks. The deal also includes a comprehensive engineering support package.
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Furthermore, BEL said it has bagged other orders valued at ₹481 crore since its last disclosure on May 22. These orders include Doppler Weather Radar, classroom jammers, spares and services, among others.
With these latest orders, BEL’s accumulated orders for the current financial year total ₹4,803 crore, the company said.
Price Action: BEL’s share price shot up 1.59% to 309.35 in late afternoon trade on Friday.
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