BEML Shares Rise After Signing Multiple MoUs at Aero India 2023
Shares of BEML, a leading defence and aerospace company in India, rose in early trade on February 17th following the signing of multiple Memorandum of Understandings (MoUs) at Aero India 2023, a four-day show held between February 13-17. The event was an opportunity for BEML to showcase its niche products, including unmanned aerial vehicles (UAVs) and structures of space vehicles.
At 11.40 am, shares of BEML were trading 1.70% higher at Rs 1,449.75 on the National Stock Exchange. During the event, BEML signed MoUs with several companies, including Bharat Electronics, the Indian Navy, R&DEE – a DRDO (Defence Research and Development Organisation) organization for the transfer of technology, and Hexagon Technologies.
The MoU with Bharat Electronics is for the joint development and production of missile modules, airframes, and other mechanical systems for an upcoming missile programme. The agreement with the Indian Navy is for the development of a customized storage and handling system for various types of ammunition.
BEML’s products have gained attention previously, with the company having secured a Rs 378 crore order for the supply of defence equipment earlier this week. With its expertise in defence and aerospace, coupled with the government’s push for Make In India, BEML is poised to benefit from initiatives aimed at improving prospects for the sector.
For More Latest News Click Here
