Multibagger defence PSU stock: Shares of this Navratna company gain over 2% - Here's why

BEL Share Price NSE, BSE: Shares of Bharat Electronics Limited (BEL) are in focus today as the company has informed exchanges that it has signed a contract valued at Rs 3,172 crore with Armoured Vehicles Nigam Limited (AVNL). The counter opened at Rs 312.30, a gain of 1.99 per cent from the previous close of Rs 306.20. Shares of the Navratna company, with a Rs 2,24,885 crore market cap, gained further to touch the day's high of Rs 312.95 with a gain of 2.2 per cent.

BEL Share Price History

The shares of BEL have given a multibagger return to its investors. According to the BSE analytics, the counter has gained over 144 per cent in one year and 303 per cent in two years. So far this year, the counter has already gained over 66 per cent.

BEL Shares in News 

According to an exchange filing, the Navratna defence public sector undertaking has signed a contract valued at Rs 3,172 crore with Armoured Vehicles Nigam Limited (AVNL).

"The project entails the supply and installation of an advanced, indigenously designed and developed Sighting and Fire Control System (FCS) for the upgrade of BMP 2/2K Tanks of the Indian Army, along with a comprehensive Engineering Support Package," the company said in an exchange filing.

Meanwhile, the company has also secured another order worth Rs 481 crore.

With these, BEL has received accumulated orders totalling Rs 4,803 crore in the current financial year.

Share Market Updates

Meanwhile, equity benchmark indices climbed in early trade on Monday amid buying in blue-chip stocks along with a rally in Asian markets.

The 30-share BSE Sensex rose 69.63 points to 79,102.36 in early trade. The Nifty went up by 37.85 points to 24,048.45.

Among the Sensex pack, Maruti, JSW Steel, Bharti Airtel, Tata Steel, Tech Mahindra, Infosys and Nestle were the biggest gainers.