Bharat Electronics rose 1.89% to Rs 110.75 after the company said it bagged a Rs 5357 crore contract from Ministry of Defence, Government of India.
Bharat Electronics said it signed the contract with Ministry of Defence, Government of India on 13 September 2019 for procurement of seven squadrons of Akash Missile System for Indian Air Force. This is a turnkey contract with specialist infrastructure. The total value of the contract is Rs 5357 crore and the delivery will be completed in three years. These systems will be commissioned at seven Air Force locations spread across Pan India. The announcement was made after trading hours on Friday, 13 September 2019.Shares of Bharat Electronics gained 2.59% in three trading sessions to its current market price of Rs 110.75, from a recent closing low of Rs 107.95 on 11 September 2019.
On BSE, 6.76 lakh shares were traded in Bharat Electronics counter, compared to a 2-week average of 6.73 lakh shares. The stock hit an intraday high of Rs 113.35 and an intraday low of Rs 109.50.
It hit a 52-week high of Rs 117.45 on 27 May 2019 and a 52-week low of Rs 72.55 on 14 February 2019.
Bharat Electronics' consolidated net profit rose 11.8% to Rs 210.59 crore on a 2.1% decrease in net sales to Rs 2,061.72 crore in Q1 June 2019 compared with Q1 June 2018.
Bharat Electronics is engaged in design, manufacture and supply of electronics products/systems for the defense requirements, as well as for non-defense markets. The firm's principal products/services include weapon systems, radar and fire control systems and communication.
Powered by Capital Market - Live News