New Delhi [India], July 12 : State-owned aerospace and defence electronics company Bharat Electronics Limited (BEL) has obtained an export order worth Euro 25.75 million (estimated value of Rs 230 crores) from Thales Reliance Defence Systems (TRDS) for the manufacture and supply of transmit-receive (TR) modules, the company informed stock exchanges on Friday.
The TR modules will be used in the radars of fighter aircraft.
Additionally, BEL has secured orders valued at Rs 192 crores following the last disclosure on June 28, 2024, which comprises communication equipment, encryptors, spares and services for radars, fire control systems etc.
With these, BEL has now accumulated orders totalling Rs 5,225 crores in the current financial year.
Shares of state-owned defence and aerospace company Bharat Electronics have been hitting all-time highs on and off, backed by a series of orders the firm received over the past months.
At the time of filing this report, the shares were 0.8 per cent lower at Rs 332.8, against its all-time high of Rs 340.5 it touched recently. So far in 2024, it rose 80 per cent on a cumulative basis.
Over the past five years, it accumulated about 840 per cent returns for its shareholders.
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.
The government is also investing heavily in defence and aerospace manufacturing, with several defence hubs being set up. Indian defence PSUs have accumulated tremendously high returns on equities in the past few years, benefiting for the fresh orders.
Notably, many global companies have either shared or showed intent, to share critical defence and aerospace knowledge with India.
India's defence exports have touched a record Rs 21,083 crore (about USD 2.63 billion) in the financial year 2023-24, with a growth of 32.5 per cent over the last fiscal when the figure was Rs 15,920 crore. The recent figures indicate that the defence exports have grown by 31 times in the last 10 years as compared to 2013-14.
The total value of defence production in India rose 17 per cent to Rs 1,26,887 crore last fiscal year
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor