BEL shares in focus today as firm inks Rs 2,167-crore contract with Indian Navy

Shares of Bharat Electronics Ltd (BEL) are in news today after the firm inked a contract worth Rs 2,167.47 crore plus taxes with the Indian Navy for the supply of a state-of-the-art indigenously designed and developed EW (electronic warfare) suite for use on-board warship.

BEL shares ended at Rs 176.45 on BSE in the previous session. BEL stock has clocked multibagger returns of 164% in two years and 289% in three years, respectively.

"Navaratna DPSU Bharat Electronics Limited (BEL) has signed a contract for a value of Rs 2,167.47 crore plus taxes with Indian Navy on 131h Feb 2024 for the supply of state of the art indigenously designed and developed EW suite for use onboard warship," BEL said in a regulatory filing.

The company has also received additional orders worth Rs 114.59 crore since the last disclosure on January 30, 2024, for the supply of SDRs, HD VLF receivers, EVMs, etc, BEL said.

With the above, BEL has received cumulative orders of Rs 30,776.06 crore in the current financial year, the company said.

In terms of technicals, the relative strength index (RSI) of BEL stock stands at 42.2, signaling it's trading neither in the overbought nor in the oversold zone. BEL shares are trading lower than the 5 day, 10 day, 20 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages.

Bharat Electronics manufactures and supplies electronic equipment and systems to defence sector.

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