BEML shares gain on multiple MoUs signed at Aero India 2023

Shares of BEML  rose in early trade on February 17 after the company signed multiple Memorandum of Understandings (MoUs) at Aero India 2023, a four-day show held between February 13-17.

At 11.40 am, shares of BEML were trading 1.70 percent higher at Rs 1,449.75 on the National Stock Exchange.

The event was a platform for the company to showcase several of its niche products, including variants of unmanned aerial vehicles (UAVs) and structures of space vehicles.

During the event, BEML signed MoUs with companies such as Bharat Electronics, the Indian Navy, R&DEE - a DRDO (Defence Research and Development Organisation) organization for the transfer of technology, and Hexagon Technologies.

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The MoU with Bharat Electronics is for the joint development and production of missile modules, airframes and other mechanical systems for an upcoming missile programme. The agreement with the Indian Navy is for the development of a customised storage and handling system for various types of ammunition.

This isn’t the first time that BEML has gained attention for its products. In fact, the company had also secured a Rs 378 crore order for the supply of defence equipment earlier this week.

With its expertise in defence and aerospace coupled with the government’s push for Make In India, BEML is poised to reap the benefits of the initiatives aimed to improve prospects for the sector.