Bharat Electronics and Punj Lloyd rose by 0.56% to 10.94% at 13:03 IST on BSE on reports the Indian Army shortlisted the two firms for a $100-million project to upgrade its ageing Zu 23 2B air defence guns.
Bharat Electronics (BEL) (up 0.56%) and Punj Lloyd (up 10.94%), edged higher.
The S&P BSE Sensex was up 24.35 points, or 0.09% at 28,470.47.
According to reports, after several rounds of trials in different weather conditions and terrain, the $100-million contract has been progressed beyond the technical evaluation stage, with commercial bids likely to be opened within the next six months.
Ashok Wadhawan, president (manufacturing) at Punj Lloyd, was quoted by media as saying that the company is confident of its ability to execute the contract and is looking forward to the final round of commercial bid opening that would determine the winner of the contract.
Punj Lloyd has gained considerable experience on the project and also have a modern 30 millimetre air defence gun ready for requirements of the Indian Army, Wadhawan said. BEL also has considerable experience in upgrading of air defence guns and is currently involved in a major project to modernise the L 70 series of guns with the Army, Wadhawan reportedly added.
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