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State-owned aerospace and defence electronics firm Bharat Electronics Limited (BEL) announced on Friday that it has secured orders totalling Rs 3,000 crore. The Bengaluru-based company received a significant order worth Rs 2,118.57 crore from Cochin Shipyard Limited. This order involves the supply of various equipment, including sensors, weapon equipment, fire control systems, and communication equipment for six Next Generation Missile Vessels (NGMV), a class of anti-surface warfare corvettes for the Indian Navy.
BEL highlighted that this project will involve the participation of Indian electronics and associated industries, including Micro, Small & Medium Enterprises (MSMEs), which are sub vendors of BEL. The equipment manufactured by BEL are part of the ‘Aatmanirbhar Bharat’ program.
In addition to the Cochin Shipyard order, BEL has also received additional orders amounting to Rs 886 crore. These orders pertain to the upgrade of AFNET SATCOM N/W, Akash Missiles with RF Seeker, Inertial Navigation System and other equipment with accessories and spares.
Earlier in the week, BEL declared it would pay a final dividend of Rs 0.60 per share for FY23 to eligible shareholders. This announcement was made during the 691st Annual General Meeting of the company held on September 25.
Last month, BEL revealed that it had received defence and non-defence orders totalling Rs 3,289 crore. Consequently, BEL’s total order receipt for the financial year 2023-24 now stands at Rs 14,384 crore.
Despite these developments, the company’s shares settled 0.77 per cent lower at Rs 135.70 per share at market close on Friday. According to BSE data, the market capitalisation of BEL is Rs 99,193.70 crore.
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This story originally appeared on Investing
