BEL share price up 4% on new orders worth ₹2,191 crore
The shares of defence PSU BEL Ltd up by nearly 4 per cent on BSE on last trading session of the week. One 1 month period the stock has delivered a return of 11 per cent.The company’s scrip was trading 3.73 per cent at ₹ 125.25 on BSE. On a year-to-date, the stock has risen 25 per cent, while it has jumped 63 per cent in the last year.
Navratna Defence PSU Bharat Electronics Limited (BEL) has received new Defence and non-Defence orders worth Rs.2,191 Crore.Above orders are for supply of Long Range Guidance Kit with Warhead, Airborne V/UHF Jammer, Battlefield Surveillance Radar (Short Range) Upgrade, Missile Guidance Radar & Control Centre, Upgraded Radio Relay (F) with Data Modem Encryption Unit Mk II, Identify Friend or Foe Mk XII A, Anti-Submarine Warfare Shallow Water Craft (ASW SWC) Sonar and Spares. These orders are in addition to the Rs.5,900 Crore orders, which are already received. With this, BEL has in all received orders to the tune of Rs. 8,091 Crore till now in the financial year 2023-24.
Indian public sector undertaking, BEL reported 19.18% growth in consolidated net profit to ₹1,366.38 crore in the fourth quarter for FY23, as against ₹1,146.50 crore in the same quarter a year ago. The PSU has also declared total dividend payout in 2022-23 of ₹1.8 per share against ₹1.5 per share for ‘21-‘22. for its shareholders. Sequentially, BEL’s net profit for the FY23 stood at ₹2,940.35 crores compared to FY22 quarter where net profit stood at ₹2,354.46 crore, the growth is about 24.88%.
In order to co-develop and co-produce a Long Range Dual Band indigenous Infrared Search and Track System (IRST) for the Su-30 MK, HAL and BEL signed a deal. Together with Hindustan Aeronautical (HAL), BEL is considering building a semiconductor chip manufacturing.
BEL was founded in 1954 in collaboration with CSF, France (now Thales), to satisfy the Indian Defence Services’ need for specialised electronic equipment. With around nine plants and a number of regional offices in India, BEL is a state-owned aerospace and defence corporation from India.
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Updated: 30 Jun 2023, 04:15 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.