The Ministry of Defence has signed a contract worth Rs 1,476 crore with Navratana PSU Bharat Electronics for the supply of Ground Based Mobile Electronic Systems (GBMES). BEL will supply these systems to the Indian Army.
BEL: Project details
Under the scope of work, the defence PSU will supply five GBMES worth Rs 1,476 crore to the Indian Army. These electronic systems shall have a minimum of 72% indigenous content.
The project was signed in the National Capital of New Delhi in the presence of Defence Secretary Rajesh Kumar Singh. The contract falls under the category of Buy (Indian-Indigenously Designed, Developed and Manufactured).
As per BEL’s filing the contract is valued at Rs 1,215 crore (exclusive of taxes).
What is GBMES?
The ground-based mobile electronic system is a network intelligence warfare system capable of detecting, classifying, and locating all times of radars, BEL states. The company added that the system is indigenous and has been developed by DLRL Hyderabad.
BEL manufactures this system which also intercepts and analyzes all forms of communication signals. signals. “The GBMES system enhances the situational awareness and Air Defence capabilities of the country,” the PSU said in its filing.
BEL: Share Price
The company’s stock ended Tuesday’s trade flat at Rs 436.5. Over the past one month its stock has delivered a return of over 2%. Over the past six months the share price has climbed up by nearly 7%.
So far this year the stock has delivered a return of nearly 10%.
About the company
BEL is an Indian aerospace and defence public sector undertaking, operating under the Ministry of Defence, Government of India. The company is primarily engaged in the business of manufacturing radars, fire control systems, missile systems, and electronic warfare.