BEL shares rise 2.5% as Defence Ministry inks Rs 1,200-crore contract to procure radios for ICG

BEL shares rise 2.5% as Defence Ministry inks Rs 1,200-crore contract to procure radios for ICG

Bharat Electronics Ltd shares rose 2.5% on February 20 as Ministry of Defence inked a contract worth Rs 1,220 crore with the company for procurement of 149 Software Defined Radios for Indian Coast Guard.

"These state-of-the-art radios will enable secure and reliable information sharing, collaboration, and situational awareness through high-speed data and secure voice communication. This will strengthen the Indian Coast Guard's capability to fulfil its core responsibilities, including maritime law enforcement, search and rescue operations, fisheries protection, and marine environment protection. Additionally, these radios will enhance interoperability for joint operations with the Indian Navy," said Ministry of Defence in a statement.

At 2:30 pm on February 20, BEL shares were trading 2.5% higher at Rs 260 apiece.

"The project is a strategic step toward bolstering the Coast Guard's operational capabilities and supporting the Government of India's Blue Economy objectives by reinforcing maritime security. Aligning with the Atmanirbhar Bharat initiative, the contract will enhance the country's manufacturing capabilities for advanced military-grade communication systems, generating employment opportunities and fostering expertise development," the ministry added.

The 52-week high of the stock is Rs 340.5 and 52-week low is Rs 179. The market capitalisation of the stock is Rs 1.9 lakh crore.