This state-owned defence company recently signed an MoU with Israel Aerospace Industries
After the company announced signing the MoU, shares surged by more than 3%.
Producing cutting-edge strategic weapon system
With Israel Aerospace Industries (IAI), Bharat Electronics (BEL) has signed a Memorandum of Understanding (MoU) for the domestic production and delivery of its Long-Range Artillery Weapon System (LORA) for the Indian Tri-services. Based on the workshare agreement with IAI, BEL, as the prime contractor, will produce the cutting-edge strategic weapon system.
The Memorandum of Understanding (MoU), which was signed at the current Aero India 2023 in Bengaluru, is a result of the expanding partnership between India and Israel in the field of high-tech strategic defence systems. It also supports the Indian government's initiative to "Make in India" major weapon systems.
Share price movement of Bharat Electronics Limited
Scrip opened today at Rs 96.20 and made its day high at Rs 98.40. The 52-week high of the stock is Rs 115.00, whereas the 52-week low was Rs 62.24. Promoters hold 51.14%, whereas institutional and non-institutional holdings are 42.38% and 6.47%, respectively. Presently, the market cap of the company is Rs 71,490 crore.
BEL was founded in 1954 in collaboration with CSF, France (now Thales), to satisfy the Indian Defense Services' need for sophisticated electronic equipment. With around nine plants and several regional offices in India, BEL is a state-owned aerospace and defence business from India.
In addition to producing a wide range of cutting-edge equipment, BEL offers turnkey system solutions in a variety of industries, including defence communication, radars, naval systems, C4I systems, weapon systems, homeland security, telecom & broadcast systems, electronic warfare, tank electronics, electro-optics, and solar photovoltaic systems. Electronic voting machines, tablet computers, solar-powered traffic signal systems, and access control systems are some of BEL's consumer goods.
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