Jupiter Wagons, BEML get defence contracts worth ₹802 cr; shares surge
First contract is for procurement of Qty-697 BOM Wagons, while the other is for MMME Mark II equipment
First contract is for procurement of Qty-697 BOM Wagons, while the other is for MMME Mark II equipment
The share price surged 4% intraday after the government approved a plan to acquire 12 additional Sukhoi Su-30MKI fighters to be built at HAL’s Nashik factory.
The defence electronics company has received an order of ₹2,118.57 crore from Cochin Shipyard for the supply of various equipment to the Indian Navy.
The ministry has so far contributed ₹72,225.30 crore in the gross merchandise value (GMV) of GeM.
HSL to supply five fleet support ships to the Indian Navy which will be employed for replenishing ships at sea with fuel, water, ammunition and stores.
Shares of BEL gained 2.9% to hit a fresh 52-week high of ₹138.20 on the BSE, while Astra Microwave Products rallied 7.7% to touch a 52-week high of ₹398.60.
Of the total 10 contracts, two are air force projects, two are army projects and six are navy projects.
The government has proposed a budgetary allocation of ₹5.94 lakh crore for the defence ministry.
The Centre has been able to achieve the mega spending on the back of both highways and railways ministry, utilising over 80% of their allocation for the fiscal by Nov itself.
Hindustan Aeronautics and Bharat Electronics hit their record highs on the BSE; Bharat Dynamics surges over 6% in intraday trade