Bharat Electronics (BEL) has signed memorandum of understandings (MoU) with Armoured Vehicles Nigam and Advanced Weapons and Equipment India to meet the requirements of domestic and export markets.
The MoU with Armoured Vehicles Nigam (AVNL) involves addressing domestic and export opportunities in the areas of combat vehicles, main battle tanks (MBTs), infantry fighting vehicles (IFVs), armored fighting vehicles (AFVs) and related systems.The MoU with Advanced Weapons and Equipment India (AWEIL) curtails to addressing domestic and export opportunities in the areas of air defence, artillery gun systems, medium caliber weapons, small arms and related systems.
State-run BEL is a Navratna PSU under the Ministry of Defence, Government of India. It manufactures electronic products and systems for the Army, Navy and the Air Force. The Government of India held 51.14% stake in BEL as on 30 September 2022.
The company reported a 0.1% decline in consolidated net profit to Rs 623.74 crore on a 7.4% rise in net sales to Rs 3,907.35 crore in Q2 FY23 over Q2 FY22.
The scrip declined 0.54% to currently trade at Rs 110 on the BSE.
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