BHEL stock gains nearly 4% after Ministry of Defence signs naval contract worth ₹2,956 crore
Bharat Heavy Electricals (BHEL), a leading engineering and manufacturing company in the energy and infrastructure sectors, gained sharply in Wednesday's trade on multiple positive developments. The Ministry of Defence on Tuesday signed a contract with the company for the procurement of 16 upgraded Super Rapid Gun Mount (SRGM) along with associated equipment and accessories for the Indian Navy under the ‘buy’ (Indian) category at a total cost of ₹2,956.89 crore.
The upgraded SRGM, slated for production at BHEL's Haridwar plant, represents a medium-caliber anti-missile and anti-aircraft point defence weapon system renowned for its sustained rate of fire and high accuracy. Designed to engage multiple threats in complex scenarios, the system has demonstrated exceptional performance against missiles and agile fast-attack crafts, as highlighted by the Ministry of Defence in a press release.
Also Read: Polycab , V-Guard, PNC Infratech among top nine conviction picks of Centrum "These upgraded SRGMs are earmarked for installation on both existing and newly constructed Indian Navy vessels, with Mazagaon Dock Shipbuilders Ltd., Mumbai, and Garden Reach Shipbuilders & Engineers, Kolkata, playing key roles in the integration process." "The project will generate employment of two and a half lakh mandays over a period of five years and encourage active participation of various Indian industries, including MSME, thus significantly contributing to the government's efforts to achieve 'Atmanirbharta' in defence," the ministry said. Also Read: Adani group’s m-cap posts biggest rise since Hindenburg report Beyond the naval contract, BHEL has embarked on another significant venture by signing a Memorandum of Cooperation (MoC) with
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