BEL rises after signing contract with JSC Rosoboronexport

Bharat Electronics (BEL) gained 1.35% to Rs 142.80 after the PSU company on Thursday announced that it has entered into offset contract with joint stock company, Rosoboronexport, Russia.

Under the contract, the company will set up industrial facilities for the manufacturing wide range of aviation hoses at BEL Optronic Devices, Pune, a subsidiary of BEL.

As a result of the implementation of the offset project, BEL will obtain a cost-effective, state-of the-art technology based on modern production and testing machinery and proven technological processes manufacturing high-quality aviation hoses certified for international standards for all types of aircraft operating in India. The active operation of numerous aircraft of the Indian Air Force creates constant demand for aviation hoses, which are consumables in nature.

Meanwhile, the company in a separate press release yesterday announced that it has entered into an MoU with BPL Medical Technologies for co-operation in the field of medical products and solutions to provide affordable health care for the country.

BEL is a multi-product, multi-technology, multi-unit conglomerate primarily manufacturing advanced electronic products for the Indian Armed Forces. The Government of India held 51.14% stake in BEL as on 31 December 2020.

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