Defense sector company- Bharat Electronics Limited (BEL) announced that it has received Rs. 3,172 crore in new orders received. BEL has signed an agreement with Armored Vehicle Corporation Limited (AVNL) on June 28, 2024, the company said in a stock exchange filing. Amid this news, investors fell on BEL shares. During trading, the stock rose one percent to Rs. 309.90. At the end of trading this share was Rs. was at 306.20.
What are the order details?
The project involves the supply of upgraded, indigenously designed and developed outlook and fire control systems for the upgradation of BMP 2/2K tanks of the Indian Army. It will also include an engineering help package. Apart from this, BEL has also won other orders worth ₹481 crore which include Doppler weather radar, classroom jammer, spares and service etc. Similarly, BEL has so far received orders worth ₹4803 crore in the first quarter of FY 2025. At the same time, Bharat Electronics is expected to receive orders worth ₹25,000 crore in the current fiscal for FY2025.
Stock market conditions
There has been a break in the momentum of the stock market for the last three days. Along with this, the process of creating new records on Sensex and Nifty has also stopped. Sensex closed above 79,000 and Nifty 24,000 level for the first time on Thursday. The Sensex closed down 210.45 points, or 0.27 percent, at 79,032.73.
However, it jumped 428.4 points to hit a new record high of 79,671.58 in early trade. The Nifty also closed down 33.90 points or 0.14 per cent at 24,010.60. It rose 129.5 points to touch a new all-time high of 24,174 at one stage during trading. But later it faced decline due to emphasis on profit booking.