BEL ends higher after signing MoU with IAI for LORA Weapon System

Bharat Electronics advanced 3.33% to Rs 97.80 after the company announced the signing of a MoU with Israel Aerospace Industries (IAI) for domestic manufacture and supply of its LORA Weapon System for the Indian Tri-services.

Israel Aerospace Industries (IAI) is Israel's largest aerospace and defence company and a globally recognised technology and innovation leader specialising in developing and manufacturing advanced systems for air, space, sea, land, cyber and homeland security. Since 1953, the company has provided advanced technology solutions to government and commercial customers worldwide: including satellites, missiles, weapon systems and munitions, unmanned and robotic systems, radars, C4ISR and more. IAI also designs and manufactures business jets.

The strategic weapon system weapon will be manufactured by BEL, as the prime contractor, based on the workshare arrangement with IAI.

The MoU is an outcome of the growing partnership between India and Israel in the field of high technology strategic defence systems, and is in line with the Government of India's Make in India initiative for major weapon systems.

Developed by IAI's MALAM division, LORA is a sea-to-ground and ground-to-ground system which comprises a long-range ballistic missile, a unique launcher, a command and control system, and a ground/marine support system. The LORA system provides ballistic assault capabilities for multiple ranges with a precision level of 10 meters CEP.

In a separate disclosure made after trading hours yesterday, BEL had announced that it has signed an MoU with Goa Shipyard (GSL) for co-operation in addressing global market opportunities for supply for state-of-the-art products such as autonomous boats, and other systems / solutions based on artifical intellegence for naval platfroms.

GSL is one of India's premier Defence Shipyard having modern infrastructure and capability of designing and building sophisticated high technology defence and commercial vessels with a track record of execution and timely deliveries and is presently the largest exporter of defence ships in the Indian sub-continent.

Navratna PSU Bharat Electronics (BEL) is a multi-product, multi-technology, multi-Unit conglomerate which designs, manufactures and supplies products and systems in a wide variety of fields including radars, missile systems, military communications, naval systems, electronic warfare & avionics, C4I systems, electro optics, tank electronics & gun/weapon system upgrades, and electronic fuzes in the defence segment.

The company had reported reported 2.64% rise in standalone net profit to Rs 598.77 crore in Q3 FY23 as against Rs 583.37 crore in Q3 FY22. On a standalone basis, the PSU company's net sales increased 10.6% to Rs 4,046.11 crore for the quarter ended 31 December 2022 compared with Rs 3,656.22 crore in the same quarter a year ago.

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