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BEL and JSR signs MoU to develop weapons and light weight cruise missiles

BEL signs MoU with JSR Dynamics; stock gains 1%

The MoU aims at leveraging the individual design and manufacturing capabilities of BEL and JSR to develop weapons and light weight cruise missiles, which have business potential in both domestic and international markets.

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Navratna Defence PSU Bharat Electronics Ltd (BEL) has on February 20, 2019, signed an MoU with JSR Dynamics Pvt Ltd (JSR), a Nagpur-based start-up Company, at Aero India 2019 in Bengaluru.

The MoU aims at leveraging the individual design and manufacturing capabilities of BEL and JSR to develop weapons and light weight cruise missiles, which have business potential in both the domestic and international markets. Anandi Ramalingam, Director (Mktg), BEL, and Air Marshal (Retd) S B Deo, Managing Director, JSR Dynamics Pvt Ltd, signed the MoU in the presence of M V Gowtama, CMD, BEL, Directors and other senior officers of BEL.

BEL has, as part of the Government of India’s Start-up India Initiative, been extending its support to start-up companies.

BEL also announced in a regulatory filing that it has received the highest credit rating. The outlook on the long-term rating is “Stable.” These ratings indicate the highest credit quality in the long- and short-term. The instruments rated in these categories carry the lowest credit risk in the long- and short-term.

Bharat Electronics Ltd is currently trading at Rs.78.45 up by Rs.1 or 1.29% from its previous closing of Rs.77.45 on the BSE.

The scrip opened at Rs.78.85 and has touched a high and low of Rs.79 and Rs.78.25 respectively. So far 33,45,738 (NSE+BSE) shares were traded on the counter.

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