BEML Stock Soars Over 2% On Ties WIth Indian Navy

Share price of defence stock BEML surged more than 2 per cent in the Thursday trading session after the firm entered into a strategic memorandum of understanding (MoU) with the Directorate of Marine Engineering, Indian Navy.
 

BEML stock traded at Rs 3,933 with 2.33 per cent gain in the morning session on the National Stock Exchange (NSE). 

Under the terms of the MoU, BEML will leverage its expertise to develop state-of-the-art marine equipment for the Indian Navy. The collaboration is set to enhance indigenous marine engineering capabilities, ensuring that both current and future naval projects are equipped with cutting-edge, domestically produced technology.

BEML will generate detailed design and manufacturing blueprints for the program and its components, ensuring timely delivery as per the agreed schedule.

BEML will also lead the manufacturing efforts for the program's equipment, and conduct rigorous testing and trials of the developed systems to meet the stringent standards of the Indian Navy.

Further, BEML is also supposed to oversee the installation and commissioning of the equipment on naval vessels, providing full-spectrum support throughout the process.

“This MoU signifies a historic partnership that will not only strengthen India's maritime defence capabilities but also make a substantial contribution to the Atma Nirbhar Bharat initiative. We are confident that our combined efforts will lead to significant advancements in indigenous marine technology,” said Shantanu Roy, Chairman and Managing Director, BEML.

This MoU is part of BEML's broader strategy to strengthen its presence in the maritime sector. The company recently established 11 strategic business units, including one specifically dedicated to the "Maritime" domain, focusing on product development and services within the sector. (With Inputs from ANI)