BEL-Rolta consortium bags Rs 50,000-cr contract; stocks surge upto 19%
The contract is for the Army's BMS. The deal, under the defence procurement policy, is one of the largest solutions to be indigenously built for Indian army.
By ET Online | Updated:
MUMBAI:Shares of Bharat Electronics and Rolta India surged in trade after a consortium of the two companies was selected as a development agency for a contract worth Rs 50,000 crore from the defence ministry.
Reacting to the news Rolta India rallied as much as 18.8 per cent in trade to touch its intraday high of Rs 177.40. Bharat Electronics rallied nealy 10 per cent to touch its intraday high of Rs 4,015.
The contract is for the Army's prestigious Battlefield Management System (BMS). The deal, under the defence procurement policy, is one of the largest solutions to be indigenously built for Indian army.
The BMS Project is meant to deliver command and control capabilities to the fighting echelons, operating at the forward edge of the tactical battle area at the battalion and combat group levels, BEL said in a filing to stock exchanges.
At 09:40 a.m.; BEL was at Rs 3,883.95, up 6.39 per cent, on the BSE. It rallied 6.5 per cent to touch a high of Rs 3,888.85 in early trade.
Rolta India was at Rs 171.65, up 14.97 per cent, on the BSE. It rallied 15.30 per cent to touch a high of Rs 172.15 in early trade.
Reacting to the news Rolta India rallied as much as 18.8 per cent in trade to touch its intraday high of Rs 177.40. Bharat Electronics rallied nealy 10 per cent to touch its intraday high of Rs 4,015.
The contract is for the Army's prestigious Battlefield Management System (BMS). The deal, under the defence procurement policy, is one of the largest solutions to be indigenously built for Indian army.
The BMS Project is meant to deliver command and control capabilities to the fighting echelons, operating at the forward edge of the tactical battle area at the battalion and combat group levels, BEL said in a filing to stock exchanges.
At 09:40 a.m.; BEL was at Rs 3,883.95, up 6.39 per cent, on the BSE. It rallied 6.5 per cent to touch a high of Rs 3,888.85 in early trade.
Rolta India was at Rs 171.65, up 14.97 per cent, on the BSE. It rallied 15.30 per cent to touch a high of Rs 172.15 in early trade.
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