Bharat Electronics rose 1.63% to Rs 108.90 after the PSU signed separate memorandum of understandings (MoU) with Hindustan Shipyard, SVC Tech Ventures, US based Profense, and Yantra India to meet the requirements of Indian Defence and export markets.
BEL has signed an MoU with Hindustan Shipyard to carry out joint development, manufacturing and product upgrades of identified products / systems and to capitalise on the emerging opportunities in the domestic defence, nondefence and export markets.The PSU company has also signed an MoU with SVC Tech Ventures for co-operation in the manufacturing and marketing of heavy duty blast doors. The agreement will enable the two companies to collaborate as partners in the design/development of new and improved heavy duty blast doors for the protection of defence establishments and national assets.
Along with that, the company has signed an MoU with Profense, US, for co-operation in the manufacturing and marketing of light weapons. The pact will enable the two companies to jointly develop light weapons for market requirements, current and future.
Lastly, BEL has signed an MoU with Yantra India (YIL), a defence PSU for co-operation in the areas of ammunition hardware and military grade components to jointly address the requirements of Indian Defence and export markets. The MoU aims at leveraging the complementary strengths and capabilities of both the companies and sharing of manufacturing and test infrastructure/resources for the production of arms and ammunition 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.
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