In a recent development, Bharat Electronics Limited (BEL) said it secured additional orders worth over ₹500 crore.

What Happened: The Navratna defence public sector undertaking has bagged orders for more than ₹500 crore since its last disclosure on October 7, 2024, BEL said in a press release.

The major orders include laser range finders, communication equipment, vessel communication and support systems, test equipment for guns, spares and services, among others. With these new orders, BEL’s total order accumulation for the current financial year stands at ₹8,194 crore.

See Also: BSE Chairman Pramod Agrawal Resigns

This news comes on the heels of BEL’s Q2 results, where the company reported a 34% jump in net profit to ₹1,091 Cr, beating estimates, and a 15% rise in revenue which fell below the street’s expectations. the company’s order book position as of October 1 stood at ₹74,595 crore. 

In the second quarter, foreign institutional investors cut their stake in the defence major. They held around 17.27% stake in the company in the July to September period, down from the 17.43% reported at the end of the previous quarter. India's biggest insurer, LIC, also pared down its stake to 1.04% from the 1.31% stake it held at the end of June.

Price Action: BEL ended 1.125 lower at ₹297 on Friday.

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