Bharat Electronics Limited (BEL) is trading higher by 3% at Rs 1,238 after the state-owned company said that it has signed a memorandum of understanding (MoU) with Israel Aerospace Industries (IAI) for cooperation on future Long Range Surface to Air Missile (LRSAM) ship-defence systems.
“The MoU lays out the framework for BEL-IAI cooperation, under which BEL will function as the lead integrator and produce major sub-systems. IAI will continue to act as design authority and to produce sub-systems as a main sub-contractor of BEL,” the company said in a statement.
The stock opened at Rs 1,224 and hit a high of Rs 1,260 on the BSE. A combined 24,836 shares have changed hands on the counter so far on both the exchanges.
