Bharat Electronics Ltd turnover up 17% in 2016-17

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Bengaluru | Published: April 1, 2017 5:28:27 PM

State-run Bharat Electronics Ltd (BEL) posted a turnover of Rs 8,800 crore for the just-concluded fiscal 2016-17, registering 17 per cent annual growth from Rs 7,522 crore in the previous fiscal 2015-16, said the defence major on Saturday.

State-run Bharat Electronics Ltd (BEL) posted a turnover of Rs 8,800 crore for the just-concluded fiscal 2016-17, registering 17 per cent annual growth from Rs 7,522 crore in the previous fiscal 2015-16, said the defence major on Saturday. (Source: BEL Website)

State-run Bharat Electronics Ltd (BEL) posted a turnover of Rs 8,800 crore for the just-concluded fiscal 2016-17, registering 17 per cent annual growth from Rs 7,522 crore in the previous fiscal 2015-16, said the defence major on Saturday.

“Among the projects executed by the company during the fiscal under review are Akash Weapon System, Hand-held Thermal Imager with Laser Range Finder, 3D Tactical Control Radar, Weapon Locating Radar, Upgraded L-70 Guns, Fire Control systems, Hull Mounted Sonar, Radio Relays, Elements of Integrated Air Command and Control system and Ship Borne Electronic Warfare Systems,” it said here.

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Noting that the BEL has been able to maintain good order acquisition this year, BEL Chairman and Managing Director, M.V. Gowtama said during the year the company’s main focus has been on indigenisation to achieve self reliance, capacity building and expansion and increased outsourcing to SME sector. “These efforts will enable BEL to continue to have sustained growth while effectively addressing future opportunities in defence business,” Gowtama added.

The government last month raised Rs over 1,600 crore from its 5 per cent stake sale in BEL after retail investors bid more than 3.6 times the shares offered to them. Retail investors bid for over 81.87 lakh shares, or 3.67 times, of the 22.33 lakh shares on offer, as per NSE data. Individual investors bid for over 2.09 crore shares as against 89.34 lakh shares, or 2.34 times, the number reserved for them in the two-day offer for sale.

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