BEL soars 6% on order wins of Rs 3,351 crore; joins top 50 market-cap club

In the past one month, BEL has outperformed the market by surging 31 per cent as the company has bagged orders worth of Rs 12,230 crore so far in the month of December

Shares of public sector enterprise Bharat Electronics (BEL) surged to a 52-week high of Rs 184.5 apiece on Tuesday after it received plum orders worth Rs 678 crore.

The government-owned aerospace and defence electronics company finally closed at Rs 181.95 on the BSE, an impressive 4.1 per cent increase.

The stock had a trading volume of 3.78 million shares on the BSE.

With the above orders, BEL has cumulatively received orders to the tune of Rs 26,613 crore in this financial year.

With Tuesday’s gains, BEL stock is up over 83 per cent in the past year and has joined the top 50 most-valued listed companies in terms of market capitalisation (mcap).

With Rs 1.33 trillion, BEL BEL is the 49th largest company in terms of mcap, according to BSE data, ahead of Hindustan Zinc, Hindalco, Power Finance, IRFC, Britannia, Tech Mahindra and IndusInd Bank.

Reliance Industries tops the list with a mcap of Rs 17.43 trillion.

Out of the orders that BEL bagged on Tuesday, the company signed a contract valued at Rs 445 crore with the Uttar Pradesh government for the next generation UP Dial 112 project.

The remaining Rs 233 crore worth of orders pertains to Communication Display Units, Thermal Imaging cameras and other miscellaneous spares and services.

The company said this will have the participation of electronics and associated industries including MSMEs, which are sub-vendors of BEL.

The equipment manufactured by BEL is part of the ‘Atmanirbhar Bharat’ programme. 

The company has also received additional orders worth Rs 86.15 crore on miscellaneous spares and services.

The order pipeline remains strong in defence (electronic warfare, radars, communication and navigation systems for various platforms like fighter jets, warships, missiles, unmanned Ariel vehicles), non-defence and exports, ICICI Securities said in a note.