New Delhi [India], December 26 : Shares of state-owned defence and aerospace company Bharat Electronics hit an all-time high on Tuesday, after a series of orders the firm received over the past week.
At the time of filing this report, the shares were 4.5 per cent higher at Rs 182.7, against its all-time high of Rs 184.50 it touched a while ago. So far in 2023, it rose 82 per cent on a cumulative basis.
Over the past five years, it accumulated over 500 per cent returns for its shareholders.
Today, Bharat Electronics announced it has signed a contract valued at Rs 445 crore with the Uttar Pradesh government. Under this contract, it will provide "comprehensive and state-of-art hardware, AI-based software tools and cyber security solutions" for the Dial 112 project of the Uttar Pradesh government, which is an emergency response system.
Besides, the company said it has also received additional orders worth Rs 233 crore and the orders pertain to communication display units, thermal imaging cameras and other miscellaneous spares and services.
Last week, it received orders worth Rs 2,673 crore collectively from Goa Shipyard Limited (Rs 1,701 crore) and Garden Reach Shipbuilders and Engineers (Rs 972 crore). The orders entail the supply of 14 types of sensors for use on Next Generation Offshore Patrol Vessels (NGOPV).
The state-owned company has bagged cumulative orders of worth Rs 26,613 crore till now in the current financial year 2023-24.
The central government has set the target of achieving indigenous defence manufacturing worth Rs 175,000 crore including defence exports of Rs 35,000 crore by the year 2024-25.
The government has taken several policy initiatives in the past few years and brought in reforms to encourage indigenous design, development and manufacture of defence equipment, thereby promoting self-reliance in defence manufacturing.
Among other defence sector companies, shares of Mazagon Dock Shipbuilders rose sharply, up over 7 per cent. The Indian Navy today commissioned its latest Sealth Guided Missile Destroyer Imphal, which reportedly is built by Mazagon Dock Shipbuilders.
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