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Shares of defense sector-related state-owned Bharat Electronics Limited (BEL) hit new highs. Shares of Bharat Electronics rose over 3 percent on Friday to Rs. reached 170.15. This is a new 52-week high for shares of the government company. The rise in the company’s shares has come on the back of a large defense order. Ministry of Defense has entered into an agreement with Bharat Electronics Limited, Pune. This deal is for buying electronic fuses. The total value of this deal is more than 5300 crore rupees.
5336 crore mega deal
Ministry of Defense has signed a major contract with Bharat Electronics Pune. The agreement is for a period of 10 years. The Ministry of Defense will purchase electronic fuses from the company. The total value of this contract is Rs 5336.25 crore. Electronic fuzes are an integral component of medium-heavy caliber artillery guns. The Ministry of Defense says these electronic fuses have been procured for use in artillery guns. The ministry says the project aims to increase ammunition stocks by reducing imports.
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The company’s stock has gained more than 70% in a year
Shares of Bharat Electronics Limited (BEL) have gained more than 70% in the past one year. On December 16, 2022, the shares of the company were Rs. were at 99.40. On December 15, 2023, the shares of the government company reached Rs 170.15. If we talk about the last 3 years, the stock of Bharat Electronics has jumped by 320%. On December 18, 2020, the shares of the company were Rs. were at 40.40. Shares of Bharat Electronics on December 15 were Rs. 170.15 has been reached. The company’s shares hit a 52-week low of Rs. There are 87.
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205 target Rs
Meanwhile, brokerage firm UBS raised its target price on state-owned Bharat Electronics Ltd. The brokerage house raised the target price on Bharat Electronics to Rs 205. The brokerage house is bullish on the company’s growth/returns.