The stock touched a high of Rs 2,068 - up 7% from the previous close. It finally ended at Rs 1,987 - up 3% from its issue price. Around 46,000 shares were traded on the BSE on its debut day.
_______________________________________________ (Updated at 0910 hrs)
Bharat Electronics (BEL) has rallied on news of bagging an order from the Indian Air Force (IAF) for the supply of additional 750 Akash medium-range surface-to-air missiles (SAMs) for six squadrons. The stock is trading at Rs 1965, stronger by Rs 30 or 1.5%, on the BSE. The shares had opened at Rs 1959, which also happened to be the day's low, and have touched a high of Rs 1975 thus far.
BEL will deliver the Akash missile system to IAF in phases. Each squadron will have 125 missiles and radars and the order is valued at Rs 4,279 crore.
Designed and developed by the state-run DRDO, the Akash missile system is part of the country’s Integrated Guided Missile Development Programme. The missile can target an enemy aircraft up to 30 km away, at altitudes of up to 18,000 metres and can be fired from both tracked and wheeled platforms. The SAM is also capable of carrying conventional as well as nuclear warheads, with a payload of 60 kg.
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