Bharat Electronics Limited (BEL), a government-owned company specializing in aerospace and defense electronics, made a significant announcement on Friday. They shared that they have secured a substantial order worth Rs 3,000 crore.
This Bangalore-based company received a substantial order valued at Rs 2,118.57 crore from Cochin Shipyard Limited. The order entails supplying a variety of equipment, including sensors, weapon systems, fire control systems, and communication equipment. This equipment is intended for the construction of 6 Next Generation Missile Vessels (NGMV), which are classified as anti-surface warfare corvettes for the Indian Navy, as stated in their official statement.
What’s noteworthy is that this project will involve the active participation of various Indian electronics and associated industries, including Micro, Small, and Medium Enterprises (MSMEs) that serve as sub-vendors for BEL.
In addition to this substantial order, BEL has also received additional orders valued at Rs 886 crore. These orders pertain to the upgrading of the AFNET SATCOM Network, Akash Missiles equipped with RF Seekers, Inertial Navigation Systems, and various other equipment, along with their respective accessories and spare parts.
In a separate announcement earlier this week, BEL shared its plans to distribute a final dividend of Rs 0.60 per share for the fiscal year 2023. This decision was made during the 691st Annual General Meeting of the company, which was held on September 25, and is slated to be disbursed to eligible shareholders.
Notably, in the previous month, BEL disclosed that they had received orders amounting to Rs 3,289 crore, encompassing both defense and non-defense sectors.
For the ongoing fiscal year 2023-24 (FY24), BEL has already amassed orders totaling Rs 14,384 crore, reflecting its robust performance and growth.
As of now, BEL boasts a market capitalization of Rs 99,193.70 crore, according to the Bombay Stock Exchange (BSE). On September 15, when the market closed, the company’s stock settled slightly lower at Rs 135.70 per share, experiencing a 0.77 percent decrease.