Stock Market Updates: This Defence PSU stocks jump after signing 37,600 cr deal

New Delhi: The Stocks of India's Defence Public Sector Undertakings has taken a slight strike up after the defence Ministry signs various contracts with the PSU companies. On Friday right after the India's Ministry of Defence signed contracts worth Rs 37,600 crore with various state-run companies, the stock of state-owned aerospace and defence company, Bharat Electronics Ltd rose by 7% in intraday trade to Rs 98.45 on the National Stock Exchange (NSE).

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BEL and defence ministry signed two major contracts worth Rs 2,696 crore to support defence capabilities, will procure 13 Lynx U2 Fire Control Systems for the Indian Navy at a total cost of Rs 1,705 crore. In a deal worth Rs 991 crore BEL will also produce Weapon Locating Radar (Swathi) for the Indian Army.

Defence Ministry signed Rs 8,160 crore contract with Bharat Dynamics Limited (BDL) and after that the shares of the company flows 5% to Rs 1,006 apiece on the NSE.

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These are flagship projects showcasing the indigenous design and manufacturing capabilities of Indian Defence industry led by BEL, involving other Public Sectors, Private Sectors and MSMEs. These projects will add another milestone to the ‘Atmanirbhar Bharat Abhiyaan’ and ‘Make in India’ initiative of the Government of India.

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