Shares of Bharat Electronics Ltd (BEL) rallied 7% in early trade on Monday after receiving orders worth Rs. 3,000 crore from Cochin Shipyard and others. According to the company”s exchange filing, Cochin Shipyard”s order of Rs. 2,118.57 is for the manufacturing of various equipment, such as sensors, weapon equipment, fire control systems, and communications equipment for six next-generation missile vessels (NGMVs) and a class of anti-surface warfare corvettes for the Indian Navy. BEL will complete the project in participation with Indian electronics and associated industries, including MSMEs, which are sub-vendors of BEL.

BEL also received additional orders worth Rs. 886 crore for the upgrade of AFNET SATCOM N/W, both Akash missiles with RF seeker and inertial navigation system, and other equipment with accessories and spares. With the latest contracts, the company”s order book for FY 2024 has reached Rs. 14,384 crore.

The company had received new defense and non-defense orders worth Rs. 3,289 crore during July and August 2023. These orders are for supplying Low Level Light Weight Radars, SONARS, IFF Systems, SATCOM Systems, EO/IR Payloads, TRM/DTRMs, Jammers, Encryptors, Data Link Systems, Fire Control Systems, Radars for Directed Energy Systems, Semi Rugged Telephone Exchanges, Software Defined Radios, and various other types of radios, Electronic Voting Machines, AMC, and Spares, BEL said.

Shares of the company are currently trading at Rs. 145. The stock has rallied 25.90% in a year and 39.65% since the beginning of this year. The stock reached a record high of Rs. 147.20 on September 11 and a 52-week low of Rs. 87 on January 30, 2023. BEL stocks have a beta of 1.2, which denotes high volatility.

On June ending Quarter, BEL had reported a net profit of Rs. 530.84 crore, which is a rise of 23% compared to the corresponding quarter of last year. Revenue increased by 12.8% to reach Rs. 3510.8 crore.