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Bharat Electronics surges on entering into offset contract with JSC Rosoboronexport

Bharat Electronics is currently trading at Rs. 142.90, up by 2.00 points or 1.42% from its previous closing of Rs. 140.90 on the BSE.

The scrip opened at Rs. 142.80 and has touched a high and low of Rs. 143.20 and Rs. 141.55 respectively.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 143.20 on 05-Feb-2021 and a 52 week low of Rs. 56.10 on 24-Mar-2020.

Last one week high and low of the scrip stood at Rs. 143.20 and Rs. 125.65 respectively. The current market cap of the company is Rs. 34331.59 crore.

The promoters holding in the company stood at 51.14%, while Institutions and Non-Institutions held 41.55% and 7.32% respectively.

Bharat Electronics (BEL) has entered into an Offset Contract under invest in kind with Joint Stock Company Rosoboronexport, Russia, for setting up industrial facilities for the manufacture of a wide range of aviation hoses at BEL Optronic Devices, Pune, a subsidiary of BEL.

Setting up of industrial facilities under the contract for manufacture of aviation hoses is fully consistent with the Government of India’s XMake in India’ programme. As a result of the implementation of the Offset project, BEL will obtain a cost-effective, state-of-the-art technology based on modern production and testing machinery and proven technological processes manufacturing high-quality aviation hoses certified for international standards for all types of aircraft operating in India. The active operation of numerous aircraft of the Indian Air Force creates constant demand for aviation hoses, which are consumables in nature.

BEL is a multi-product, multi-technology, multi-unit conglomerate with over 350 products in the areas of military communication, radars, naval systems, C4I systems, weapon systems, homeland security, telecom & broadcast systems, electronic warfare, tank electronics, electro-optics, professional electronic components and solar photovoltaic systems.

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