BEL shares climb 2% as defence PSU bags orders worth Rs 3,172 crore. Details here

Bharat Electronics Ltd (BEL) on Friday announced that it secured fresh orders worth Rs 3,172 crore. "BEL has signed a contract valued at Rs 3,172 crore with Armoured Vehicles Nigam Ltd (AVNL) on June 28, 2024, at AVNL Headquarters in Chennai," the defence PSU stated in a BSE filing.

The project entails the supply and installation of an advanced, indigenously designed and developed Sighting and Fire Control System (FCS) for the upgrade of BMP 2/2K tanks of the Indian Army, along with a comprehensive Engineering Support Package, BEL added.

Additionally, BEL has secured other orders valued at Rs 481 crore following the last disclosure on May 22, 2024, which comprises of Doppler Weather Radar, Classroom jammers, spares and services etc, the state-owned firm mentioned.

With these, BEL has received accumulated orders totalling Rs 4,803 crore in the current financial year, it further said.

BEL's stock turned positive after the company announcement came during fag-end deals today. It jumped 1.77 per cent to hit an intraday high of Rs 309.90. The scrip eventually settled 0.56 per cent higher at Rs 306.20.

Around 24.41 lakh shares changed hands today on BSE. The figure was lower than the two-week average volume of 33.92 lakh shares. Turnover on the counter came at Rs 74.59 crore, commanding a market capitalisation (m-cap) of Rs 2,23,825.43 crore.

The counter traded lower than the 5-day and 10-day simple moving averages (SMAs) but higher than the 20-day, 30-, 50-, 100-, 150-day and 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 59.14. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 55.37 against a price-to-book (P/B) value of 13.84. Earnings per share (EPS) stood at 5.50 with a return on equity of 25.

As of March 2024, the government held a 51.14 per cent stake in the PSU.