Bharat Electronics stock rallies 5.5% after company receives orders worth ₹678 crore

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Bharat Electronics, a Navratna PSU under the Ministry of Defence, Government of India, jumped 5.5% to hit a new all-time high of ₹184.50 apiece in today's trade after the company received orders worth ₹678 crore. In today's exchange filing, the company said it had signed a contract for a value of ₹445 crore with the UP government for the next-generation UP Dial 112 project.

The company will provide comprehensive and state-of-the-art hardware, AI-based software tools, and cybersecurity solutions for the Dial 112 project, which is spread across the entire state of Uttar Pradesh. Also Read: REC, PFC, Rail Vikas Nigam among 14 PSU stocks that rallied between 100% and 250% in CY23 “BEL is happy to be associated with the UP Government for this project, which is one of Asia's biggest emergency response system.

BEL will be utilising the ecosystem of domestic suppliers, including MSMEs, for the execution of this project," the company's exchange filing said. In addition, the company said it has also received additional orders worth ₹233 crore, which pertain to communication display units, thermal imaging cameras, and other miscellaneous spares and services.

Last week, the company received orders worth ₹2,673 crore from Goa Shipyard Limited and Garden Reach Shipbuilders & Engineers for the supply of 14 types of sensors for use on Next Generation Offshore Patrol Vessels (NGOPV). On December 15, the Ministry of Defence entered into a significant agreement with BEL, Pune, for the acquisition of electronic fuzes for the Indian Army over a 10-year period, with a total investment of ₹5,336.25 crore.