Massive Defence Deal: Ministry Splurges ₹2,269 Crore – Market Reacts!

The Ministry of Defence has sealed a deal worth ₹2,269 crore with this company, causing a stir in the market.

The Ministry of Defence, under the central government, has struck a significant deal with Hyderabad-based Bharat Electronics Limited (BEL). This deal involves the procurement of 11 Power Electronic Warfare Systems for the Indian Navy. The total cost of this contract amounts to ₹2,269.54 crore. According to official statements, the Power Electronic Warfare System, developed domestically, will be utilized for national security purposes in the battlefield, capable of precisely halting electronic emissions and managing adverse activities in dense electromagnetic environments.

The Power Electronic Warfare System will be deployed on the warships of the Indian Navy. This project, undertaken in collaboration with over 155 micro, small, and medium industrial partners, is expected to generate employment opportunities equivalent to two and a half lakh human days over a four-year period.

Company Share Update: On the second trading day of the week, the share price of Bharat Electronics Limited closed at ₹176.45 on Tuesday. This marks a 1.06% increase compared to the previous day’s closing price. In January 2024, the share price had surged to ₹196.25. This figure represents the 52-week high of the company’s shares. In March last year, the share was priced at ₹89.68, marking the 52-week low. The company’s market capitalization stands at ₹1,28,981.05 crore.

Market Update: Meanwhile, the market witnessed a bullish trend on Tuesday. The Sensex, based on 30 stocks listed on the Bombay Stock Exchange (BSE), surged by 482.70 points or 0.68% to close at 71,555.19 points. During the trading session marked by fluctuations, the Sensex reached highs of 71,662.74 points and lows of 70,924.30 points. The National Stock Exchange (NSE) index Nifty also witnessed an uptick of 127.20 points or 0.59%, closing at 21,743.25 points.

By Tarun Saini

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