Bharat Electronics gains on bagging Rs 3102-cr contract from MoD

Bharat Electronics (BEL) rose 1.21% to Rs 209.80 after the company secured two separate orders from India's Ministry of Defence worth an aggregate Rs 3102 crore.

The Ministry of Defence (MoD), Government of India, and Navratna Defence PSU BEL on Tuesday, 29 March 2022, signed a contract for Instrumented Electronic Warfare Range (IEWR) for the Indian Air Force. The IEWR will be used to test and evaluate airborne Electronic Warfare (EW) equipment and validate their deployment in an Operational Scenario. The overall cost of the contract is estimated to be Rs 1109 crore.

Separately, MoD and BEL on Tuesday, 29 March 2022, concluded a contract for supply of Advanced Electronic Warfare (EW) suite for Fighter aircraft of Indian Air Force. The overall cost of the contract is estimated to be Rs 1993 crore.

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 31 December 2021.

BEL's reported net profit jumped 114.3% to Rs 595.86 crore on 61.3% increase in net sales to Rs 3660.84 crore in Q3 December 2021 over Q3 December 2020.

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